EURUSD (1.2274): The EURUSD was seen extending declines for four consecutive days as price action nears the monthly low. From the 4-hour chart, the breakdown below the support level of 1.2365 – 1.2333 signals further decline in price. We now expect to see EURUSD continue towards the lower support level targeting 1.2090 – 1.2070 level. In the short term, any rebound in price is likely to stall near the breached support level which could act as resistance. The downside bias of course changes if EURUSD can break past 1.2365 which could keep price action biased to the upside or potentially turn sideways.
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