EURUSD turning lower but declines look limited

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The euro currency is on track for posting two days of declines. However, price action remains somewhat resilient to the downside.

Following the decline into late Thursday, the common currency might be looking to rebound.

But the gains could be capped near the 1.1261 level where resistance might come in.

If price fails to breakout above 1.1261, then we expect a move lower, potentially to the 1.1132 level of support.

Ahead of the decline to this level, watch the minor support from the 19 June lows near 1.1172.

There is a possibility for a rebound off this price level as well.

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