EURUSD (1.1374): The EURUSD formed a bearish engulfing on the daily chart, and this coincides with the reversal off the resistance area on the 4-hour chart. The declines could potentially push the EURUSD down to 1.1315 – 1.1300 level of support. Establishing support at this level would mark a retest of the breakout level. Therefore, we could expect to see a rebound in price. This could also potentially mark an inverse head and shoulders pattern with the neckline resistance seen at 1.1435 – 1.1460 level.
