EURUSD (1.2213): The EURUSD currency pair was seen extending the declines for the third consecutive day. Price action was seen breaking below the 1.2241 level of support on the daily chart before reversing the declines, just a few pips off the 1.2180 level of support. In the near term, we expect price to retrace the losses to test the breached support level at 1.2250 on the 4-hour chart. Establishing resistance at this level could potentially keep EURUSD range bound within the 1.2180 level of support. Due to the fact that the EURUSD failed to test the previously breached support level at 1.2300, a breakout above 1.2250 will see the EURUSD testing this level for resistance.
