EURUSD (1.1599): The euro currency posted strong losses on Friday as the flash inflation estimates showed a slower pace of gain in inflation. The euro extended the declines following a brief reversal off 1.1730 resistance level. With price action closing below the first level of support at 1.1626, the common currency is expected to test the lower support at 1.1540. Establishing support here could give some upside to the currency pair. However, in the event that the euro currency slips below 1.1540, then we expect to see further declines in store.
