EURUSD (1.1778): The EURUSD rallied to a 4-week high yesterday as price tested the resistance level area of 1.1841 – 1.1822. However, price closed on a bearish note near this resistance level indicating a short term move to the downside. Support is seen near 1.1710 – 1.1688 which could be tested in the near term. The bias in EURUSD is now shifted to the upside, and we expect the currency pair to maintain its sideways range within these levels in the near term. Further gains can be anticipated only on a breakout above the resistance level. To the downside, the confluence of the trend line and the support level is expected to keep prices supported in the near term.
