EURUSD (1.1735): The EURUSD broke past the 1.1822 support level and continued to decline lower, extending the losses. The next support level at 1.1672 is now under focus as price could be seen testing this support level. On the 4-hour chart, the downside price action in EURUSD confirms the descending triangle pattern which puts the lower target towards 1.1688 – 1.1672 level of support. The completion of the descending triangle pattern will potentially see price action likely to post a rebound off this lower support. The new range that could be established will be at 1.1840 – 1.1822 level of resistance and the new support level. Further declines in the common currency could push EURUSD lower towards 1.1440 support.
