EURUSD (1.1735): The EURUSD closed bullish on Friday with price action bouncing off the support level at 1.1688. The consolidation continues within the descending wedge pattern which comes after a brief spell of declines. A breakout from this descending wedge pattern will signal an upside correction in EURUSD. Support is now seen at 1.1720 and resistance is seen at 1.1822. The bias will shift to the upside in the event that EURUSD manages to close above the resistance zone of 1.1843 – 1.1822. In this case, EURUSD could set up for further gains to the upside towards 1.20085 where the next resistance level exists. However, for the moment, we expect EURUSD to remain within the mentioned support and resistance levels in a sideways range.
