EURUSD fails to breakout above resistance at 1.1132

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The common currency made attempts to rise past the 1.1132 price level on Monday.

However, the gains were quickly erased as the currency was pushed lower.

EURUSD is likely to confirm the resistance at 1.1132. This opens the downside back to the 1.1000 level.

But, establishing support here could potentially pave the way for further gains in the medium-term outlook.

For the moment, the outlook is to the downside but watch for any minor reversals that could quickly form into new support levels.

This will keep the medium-term upside bias in view. In the descent to the 1.1000 level, a lower high will validate the correction.

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