EURUSD (1.1776): The EURUSD extended declines on Friday as price fell to a fresh one month low on an intraday basis. However, price action managed to pullback before the close. Price action on EURUSD suggests near term upside as we expect a retest of the resistance level near 1.1822 level. Establishing resistance here could potentially pave way for the euro to resume its declines down to the 1.1710 level of support. However, a short term higher low needs to be formed for this bias to be validated. In the event that the declines continue, EURUSD could be seen pushing lower to the support level without any retracement.
