EURUSD (1.1693): The euro currency was seen easing back on Friday after two days of gains earlier in the week. The common currency managed to hold its ground against a stronger U.S. dollar. The minor decline on Friday coincides with the falling price channel which is currently serving as dynamic resistance. In the near term, we expect the EURUSD to retest the support level at 1.1610 – 1.1577 level. A rebound off this level could signal the EURUSD to maintain the sideways range with the upper resistance at 1.1730. A breakout from this range could potentially set the stage for the next leg in the currency pair’s direction.
