EURUSD (1.1664): The euro currency closed with a bearish engulfing candlestick on Thursday. This comes after the common currency posted a strong rally over the past few weeks. Price action remains trading just below the main daily resistance level of 1.1730. On the 4-hour chart, price action is consolidating around the 20-period EMA. The immediate support is seen at 1.1626 which could be tested in the near term. A break down below this level could however send the EURUSD lower toward 1.1540 support.
