Euro Back At Technical Support, But Can It Hold?

The euro currency is trading weaker on Wednesday after failing to keep up on the momentum from the previous session.

The common currency erased all gains from earlier as it moved back to the lower technical support near 1.1261.

This potentially creates a short term sideways range with the technical resistance at 1.1347 holding up as well. A breakout from either of these levels is needed.

We suspect that the risk is to the downside unless there is a rebound. A break down below the support area at 1.1261 will open the way for EURUSD to test the 1.1132 level this time around.

But, this will be subject to prices closing the previous lows near 1.1173.

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