The euro is attempting to erase gains from last Friday in what could be a near term correction.
After losing the 1.1900 handle, the EURUSD has been steadily posting a decline.
Price action is somewhat stable, close to the 1.1600 level of support.
The current rebound could see the EURUSD attempting to test the 1.1715 handle. If resistance forms here, we expect to see price eventually breaking down past the 1.1600 level.
Alternatively, a close above the 1.17150 level could potentially see the bullish momentum resuming, putting the EURUSD on track to test the 1.1900 level next.
