EURUSD (1.1756): The EURUSD was seen trading flat with price action briefly rising to intraday highs. The sideways range is expected to be maintained as price action approaches the support level at 1.1710 – 1.1688. A breakdown below this support level could signal further declines in price. On the daily chart, we notice that head and shoulders pattern that has been forming and this could be validated on a test of the neckline support. In the near term, EURUSD could remain trading within the current range, but there is a risk of an upside move. Still, as long as the resistance level of 1.1822 holds, the currency pair remains biased to the downside.
