EURUSD (1.1814): After posting strong gains for the second day, the EURUSD was seen pulling back in early trading session today. This comes after price rallied back to the resistance area of 1.1843 – 1.1822. As long as this resistance holds, EURUSD could be seen pushing lower. Support at 1.1720 which was missed previously is likely to be the target to the downside. In the medium term, EURUSD could be seen maintaining the range within these levels. There is also the descending triangle pattern that has formed on the 4-hour chart which also suggests a near-term test to the support level of 1.1720. Although EURUSD could trade sideways, the bias for a downside breakout is increasing.
