EURUSD (1.1769): The EURUSD was trading flat although intraday volatility picked up. Price action spiked to a two-day high, but the gains were short lived. We expect that the sideways price action will continue in the short term. As long as EURUSD remains supported above the 1.1704 support level, the bias remains to the upside. On the 4-hour chart, EURUSD will need to post a higher low in order for price to test the resistance level area near 1.1843 – 1.1822 region. Establishing resistance at this level will signal a short term retracement. However, we expect to see price action resume its decline on a reversal near the resistance level.
