The euro currency ended in the red on Friday after price action fell back to test the familiar support area near 1.1750.
The declines came following an attempt to breakout above the previous highs near 1.1900.
For the moment, we see a confluence of the rising trend line and the horizontal support. This could offer some rebound in prices.
The Stochastics oscillator is also in the oversold level which suggests that price may rebound.
If EURUSD loses the 1.1750 handle, then we expect price to extend lower to the 1.1600 level where we have the next main support level.
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