EURUSD firmly testing support at 1.0885

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The EURUSD currency pair briefly managed to rise off the support area near 1.0885 – 1.0879 level.

However, this bounce saw prices falling back once again, giving up modest gains.

For the moment, the consolidation appears to continue. Therefore, the support area near 1.0885 – 1.0879 will be critical in order for the currency pair to post any gains.

Given the bias, there is a possibility that the EURUSD will break down below this support area.

This will potentially see prices pulling back even further, erasing the gains made over the last few weeks.

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