EURUSD (1.1630): The EURUSD established a short range yesterday as price action closed with a doji type pattern on the daily session. A bearish decline today could signal a continuation to the downside. This could be expected amid a host of economic releases from the U.S. On the 4-hour chart, price action has formed a potential bearish flag pattern. This could be validated on a close below 1.1573 and will see the euro extending the declines towards 1.1411. However, failure to close below 1.1573 could keep the bias neutral with the potential for price action to retrace the gains back to 1.1688.
