EURUSD (1.1708): The EURUSD currency pair posted strong gains on Monday. Price action managed to recover the losses from last Thursday’s ECB meeting. However, the common currency remains trading below the resistance level of 1.1730. This is expected to keep the currency pair’s gains in check. To the upside, a close above the short term resistance level at 1.1742 is required in order to confirm the upside toward 1.1824 – 1.1846. Alternately, in the event that the EURUSD fails to break past to this level, we can expect the ranging price action to continue.
