The common currency extended declines earlier today which saw price dropping to a five- week low. The declines in the EURUSD comes as the common currency is also impacted by the Brexit events. The UK is expected to announce Boris Johnson as the next Prime minister of the UK.
Will the EURUSD stabilize near the support?
The declines in the currency pair has sent the EURUSD to test the support level at 1.1188. Considering that this is a minor support, we could expect to see a possible breakdown lower. However, if a rebound off this support level occurs, then we could see a possible sideways pattern emerging. The EURUSD could trade flat within 1.1250 and 1.1185 levels in the short term.
