EURUSD (1.1765): The EURUSD currency pair was seen trading subdued for the past three daily sessions following the break out above the resistance level of 1.1730. In the near term, we expect price action to remain subdued while a firmer retest of the breached resistance at 1.1730 turns to support. Establishing support at this level could signal a potential rebound in prices. However, since the EURUSD is trading sideways within 1.1846 and 1.1730, a break out from this range could establish the short term trend. To the downside, declines could stall at the support level of 1.1610 – 1.1577 level, while to the upside, a rally above 1.1846 – 1.1824 could give way for further gains to 1.2232.
