EURUSD (1.1911): The EURUSD posted a 10-day intraday low yesterday before pulling back to close on a bullish note. Price action remains strongly consolidated above the support level of 1.1882. The bounce off this level yesterday marks a test of support at this level. Further declines can only be expected on a breakdown of this support level. This puts EURUSD on a likely sideways range in the near term above 1.1822 and below 1.2058. Any near term gains will, however, struggle to breakout from the minor resistance seen at 1.1962 and 1.1947.

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