EURUSD (1.2266): The EURUSD was seen posting modest declines on Friday led by weaker than expected consumer prices. With the recent ECB speech from Draghi at the ECB Watchers conference, the central bank is expected to maintain a slow and steady pace when it comes to tapering. The ranging price action in EURUSD continues to play out with last week seeing the euro currency falling below the support zone of 1.2635 – 1.2333 area. We expect to see this level being re-tested once again for resistance while to the downside, the common currency could be seen extending the declines to 1.2179 level of support.
