EURUSD (1.1755): The euro currency was slightly bullish but the currency gave up some of the gains as it retreated from the intraday highs. With the ECB minutes coming up today, the intraday charts shows EURUSD consolidating into a descending wedge pattern. In the short term, we expect the downside in the EURUSD which could see another retest to the support zone of 1.1720 – 1.1688. A retest of this support could result in a breakout to the upside. Resistance at 1.1822 – 1.1843 remains the most likely target. Failure to hold the declines near 1.1720 could signal further declines in the currency pair and could shift the bias to the downside.
