EURUSD (1.1646): The EURUSD posted a fresh two-year high yesterday as price rallied briefly to a session high of 1.1712 before giving up most of the gains. The strong price action and the subsequent failure to keep to the gainssuggests that the upside momentum is fading. The support level at 1.1635 continues to remain in focus as currently EURUSD is seen falling back to this level. Another leg to the upside, which if results in a lower high could suggest the head and shoulders pattern forming on the 4-hour chart. The breakdown below 1.1635 will signal a move towards the support level at 1.1475 which is yet to be tested currently.
