Euro Pulls Back From Two Year Highs

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The euro currency broke the support level near 1.1750 on Monday. This came after last Friday saw price action testing this area.

The strong close below this level could see possible declines further. But for the moment, there is scope for price to retest this level.

If resistance forms near 1.1750 then we expect to see a continuation lower. The next main trend line is, however, likely to act as support in the near term.

But we see a possible decline to 1.1600 level of support which is the next key target for EURUSD.

For the moment, the Stochastics is well oversold, which could signal a possible bounce to the upside.

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