The common currency is on track to close bearish for the sixth consecutive session.
Price action is, however, a bit subdued as the EURUSD approaches the 1.1600 handle. A retest of this level could potentially signal a rebound in prices.
For the moment, the Stochastics oscillator is well oversold and could validate the short term upside bias.
If the euro loses the 1.1600 handle, then we expect further declines to come.
However, there is a very good chance for price to settle between the 1.1800 and 1.1600 levels for the near term.
Any rebound will likely stall near the 1.1715 level which is yet to be tested for minor resistance.
