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EURUSD Intraday Analysis

EURUSD (1.1885): The EURUSD fell sharply yesterday to close at a 4-day low. Price action is expected to continue the momentum, but the declines could be stalled near 1.1820. On the 4-hour chart, the head and shoulders pattern failed with price reversing strongly. EURUSD is seen currently supported at 1.1882 along with the rising trend line. This could offer some near-term support, but unless the bullish momentum sends the common currency to post fresh highs, we can expect this sideways pattern to continue.

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