EURUSD (1.1635): The EURUSD declined strongly following the ECB meeting. The reversal came as EURUSD failed to break the resistance level near 1.1822 earlier in the day. Posting strong losses, EURUSD broke past the support level near 1.1710 – 1.1688. In the near term, we expect to see a possible pullback to this breached support level. If resistance can be established here, EURUSD could be seen declining to 1.1505 as the minimum downside target. This comes as price action has validated the descending triangle pattern.
