EURUSD (1.1873): The EURUSD closed almost flat yesterday after gapping down on Monday’s open. The currency pair however remains supported to the upside in the short term. The decline to the 1.1843 support is consistent with this view. There is scope for the euro currency to retrace the declines and probably rise towards Friday’s close at 1.1898 to fill the gap. Price action remains supported above 1.1843 in the near term. Resistance at 1.1920 is likely to keep a lid on any further gains. A breakout from this range is expected which could set the near term bias in the currency pair.
