EURUSD (1.1636): EURUSD managed to close on a bullish note yesterday following two consecutive days of declines. Price action was however muted as the euro approaches the previously breached support level. If resistance is formed here, the EURUSD could be seen reversing the modest gains. Further downside could be expected as the currency pair is likely to follow through to the downside. The initial target level of 1.1552 is likely to be tested followed by further declines towards 1.5500 level of support. This will mark the minimum price objective to the downside, following the descending triangle pattern that was formed.
