EURUSD (1.1853): The euro extended declines for a second consecutive day following the brief rally towards the 1.1950 handle. Price action is likely to remain trading within the band of 1.1950 resistance and 1.1700 support in the near term. In the short term, EURUSD is expected to see some modest upside towards 1.1920 where a retest of the breakout from the rising median line will signal further declines. If the current support fails, then EURUSD could be seen correcting towards 1.1710 level after retesting resistance level. Alternately, in the event that the currency pair manages to breakout above 1.1920 then we expect to see further gains coming which could see the euro retesting the 1.2000 handle.
