EURUSD (1.1877): The EURUSD extended declines yesterday as price action fell to the lower support level of 1.1882. The decline invalidates the cup and handle pattern that was being anticipated. Still, price action remains trading flat at the current levels with resistance at 1.1962 likely to be tested in the near term. This sideways range could signal a possible near-term breakout. Above 1.1962, EURUSD could once again aim for the next big level of 1.2058, while to the downside, a break down below 1.18822 could signal a move towards the next main support that comes in at 1.1688.
