The euro has recovered upside momentum against the U.S dollar, amidst speculation that the proposed U.S corporate tax cut may be delayed. The EURUSD pair currently trades just below the 1.1600 handle, after falling to a 4-month trading low on Tuesday, hitting 1.1553. The European and United States economic calendars remain fairly light this week, however the EURUSD pair is likely to be driven by the U.S political events, and the next large directional move in the U.S dollar index.
The EURUSD pair remains bearish on an intraday basis while trading below the 1.1598 technical level. Further declines towards the 1.1572 and 1.1553 levels would seem most likely.
Should price-action start to trade back above the 1.1598 level, further EURUSD buying towards the 1.1610 and 1.1640 levels is likely to occur.
