EURUSD Remains On The Backfoot

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The euro currency was trading flat on Friday, but price action remains soft on the back of a stronger dollar.

Price action is now well below the 1.1261 level of support. However, the euro is still trading above the 22 June lows of 1.1168.

We anticipate a possible move to the upside where the 1.1261 might be tested for resistance.

There is an alternative view that the common currency might continue it decline.

A close below 1.1168 should potentially set the way for the euro to post further declines down to the 1.1132 level of support.

This is further seen from the Stochastics oscillator which is also bearish.

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