EURUSD(1.1740): The EURUSD touched an eight day-low yesterday before prices pulled back to close near the day’s open. The pullback in prices coincided with price action bouncing off the support level at 1.1730. A break down below this support level is required for the EURUSD to post further declines. The next support level that will be tested is 1.1635. Further downside in prices can be expected in the near term below 1.1635. The current support level at 1.1730 is likely to be tested on a rebound off 1.1635. If resistance is established here, then we can expect further downside although EURUSD could remain range bound between these levels in the near term.
