EURUSD (1.1781): The EURUSD posted declines yesterday as the ECB left the monetary policy unchanged. The long term inflation forecasts showed that consumer prices in the Eurozone could remain below the ECB’s inflation target rate. This hit the sentiment in the euro which extended losses. However, as price action remains supported above the 1.1710 level of support, the bias remains to the upside. On the intraday basis, the reversal near the resistance level of 1.1822 signals a continuation to the downside. The intraday support at 1.1710 could be tested in the near term as the currency pair can be seen maintaining a sideways range within the levels mentioned.
