EURUSD (1.1787): The euro continued to post declines against the US dollar yesterday with price action closing below the 1.1822 support level. A break off this support level suggests further decline in prices with the next main support coming into focus at 1.1672. On the 4-hour chart, we can see that the breach of 1.1822 has put the descending triangle pattern into play. However, we can expect some near-term correction back to the broken support level where resistance could now be formed. The downside remains towards the 1.1672 – 1.1688 support level and will mark a short-term correction to the EURUSD rally.
