The common currency posted modest declines losing 0.09% on the day. The soft declines came despite the greenback posting strong gains on the day. Economic data from the eurozone was sparse. But, looking ahead, the flash PMI reports are due out later today including the start of the EU elections.

EURUSD Likely to Settle Lower on the Day

The common currency could continue extending the declines as it approaches the support area near 1.1140. We expect to see some consolidation taking place at this level. The EURUSD currency pair will maintain its sideways range within 1.1182 and 1.1140 levels in the near term. However, there is a risk of a break down below 1.1140 which could push the common currency to break down to fresh lows.

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