The common currency gave up the gains from last week as prices slumped to post new one-week lows. The slump in the currency came even as economic data on Friday saw the US building permits and housing starts coming in lower than expected. However, growth concerns continue to plague the common currency bloc.
Will the EURUSD Test the Lower Support?
The euro currency briefly bounced higher to test the minor resistance level at 1.1246. Price has failed to breakout out above this level and is currently seen pushing lower. If the previous lows at 1.1228 are tested, then the EURUSD could be seen falling back to the previous support at 1.1217. Only a breakout above the resistance at 1.1246 will signal further gains to the upside.
