Euro erases gains as correction resumes

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The euro currency is trading weaker for the second consecutive day. This comes right after Monday saw a strong bullish engulfing pattern that emerged.

However, following the failure to breakout above 1.1347, prices are pushing lower.

For the moment, the euro currency is trading right below the key price level of 1.1261.

It is quite likely that further declines could follow. This puts the lower price level near 1.1132 within focus.

Establishing support at this price point could hold the currency pair from further losses.

But the longer-term correction might push EURUSD back to the 1.1000 level.

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