EURUSD (1.1682): The EURUSD currency pair once again failed to break past the resistance level as price action gave up the gains near 1.1730. With the consolidation likely to continue, we expect to see some downside momentum building up in the near term. On the 4-hour chart, price action is seen trading back at the short term support near 1.1686 level. There is a possibility that a break down below this level could see price finding dynamic support near the rising trend line. In the event of a break down below this level we expect further declines to push EURUSD lower to 1.1540.
