EURUSD Holds Steady Above 1.1700

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The euro currency gave up the 1.1800 handle on Tuesday, but price action is still hovering close to this level.

Overall, the 1.1700 handle now comes into the picture. Further declines could see the common currency pushing down to test the 1.1715 level of support.

To the upside, the bias will shift only if EURUSD can manage to clear the 1.1900 handle.

But we do not expect this to happen until Thursday when the ECB holds its monetary policy meeting.

Thus, in the run to the Thursday event, EURUSD is likely to continue its current sideways range.

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