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EURUSD Intraday Analysis

EURUSD (1.1766): The EURUSD price action was subdued yesterday with the market confined to a small range. The currency pair is seen posting a modest recovery in the early trading session today. We could expect the upside momentum to continue towards filling the Friday’s close at 1.1776. The bias is likely to remain sideways into this Thursday’s ECB meeting although we expect EURUSD to touch down towards the 1.1710 level of support. This would mark a strong retest of this support although price action will need to break to the downside to extend further declines. To the upside, the common currency will be facing the test of resistance at 1.1822

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