EURUSD (1.1906): The EURUSD rallied to test the level above 1.1950 yesterday. However, price action was bearish as the common currency gave up the gains, closing on a bearish notice. In the near term, we expect price action to consolidate near this level. Although the euro fell sharply by late yesterday, we expect to see another short-term attempt to retest the 1.1950 level. On the downside, the risks are increasing as price could be seen testing the support level at 1.1843 – 1.1822. Establishing support at this previous resistance level will pave way for further gains.
