The common currency remained weak as it extended declines even further on Tuesday. Economic data from the eurozone was confined to Italy’s retail sales. Retail sales were down 0.7% on the month. Meanwhile, the election in Greece has brought out the populist right-wing party as the leader. The euro did not react much to the news.

EURUSD to Continue to Drift Lower

The currency pair has pushed lower since the start of the week. We expect the declines to eventually conclude lower to the 1.1188 level. If the support level here holds, there is scope for the EURUSD to rebound in the short term. But if price breaks past this level, the currency pair is likely to test the previous lows near 1.1140.

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