EURUSD (1.1563): The Common Currency was seen extending its declines by Friday’s close. Price action is now seen trading close to the support level at 1.1540. The price action marks nearly a month and a half of sideways range between 1.1730 and 1.1540. In the near-term, the currency pair could be seen rebounding off the support level at 1.1540. If this scenario plays out, we expect to see the ranging price action being maintained. In the event that the currency pair breaks below 1.1540 further declines could be anticipated.
