EURUSD (1.1959): The EURUSD extended declines sharply yesterday as price action fell to the minor support level at 1.1962. The common currency was seen posting a reversal off this level. The bias remains balanced at the moment although there is a strong chance that price action could be setting up for a bullish breakout. Resistance at 1.2058 remains the key level for the EURUSD. The current price action also signals a potential cup and handle pattern that could be forming in the near term. However, should prices continue to decline, the bullish bias in the EURUSD could ease as price is likely to fall to the next support level at 1.1882.

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