EURUSD (1.1803): The EURUSD was seen giving up the gains by Friday’s close as price closed with a doji pattern on the daily session. The euro was seen opening weaker this morning as price gapped to the downside below the support level of 1.1822. Further declines could be expected which will see the EURUSD retest the breakout level from the falling wedge pattern that initially sent prices higher. A retest to this breakout level, close to the support established at 1.1720 could see another minor bounce to the upside. A break down below 1.1688 is essential for EURUSD to establish the downside bias. However, for the near term, we expect the range between 1.1822 and 1.1720 to be maintained into next week’s ECB meeting.
