EURUSD (1.1763): The EURUSD continued to post declines to the downside for the third consecutive day. Price action is seen nearing the support level at 1.1704. This will see a retest of the support level which previously served as a break out from the descending wedge pattern that was formed. In the near term, EURUSD’s gains are limited to the 1.1843 – 1.1822 level where resistance could be formed. To the downside, the declines could see EURUSD push lower towards the support level at 1.1710 – 1.1688.
