EURUSD retreats from 1.1130 level

The euro rose to 1.1144, marking a fresh two-month high on Friday before retreating.

The pullback coincides with the resistance level near the 1.1130 level. At the moment, price action is supported from the median line.

But a breakdown below this will signal a correction. We expect the downside in EURUSD to send the currency pair back to the 1.1000 level.

Establishing support back at this level will potentially bolster the case for further gains.

Alternatively, a breakout above 1.1130 could trigger stronger gains.

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