EURUSD (1.1780): The EURUSD was seen trading lower on Monday although price action was modest. Following the breakdown below the resistance and support level of 1.1843 – 1.1822, EURUSD could be seen pushing lower. The next support at 1.1720 will be the next big target for the common currency. Overall, price action is likely to remain range bound, but the bias for a downside decline is increasing. On the daily chart, the EURUSD is attempting to carve out a head and shoulders pattern with the neckline support seen at 1.1704. A breakdown below this level will see EURUSD posting further declines for a minimum target of 1.1440.
