EURUSD Holds at Technical Support

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The euro continues to extend declines amid a resurgent greenback.

Price action extended declines from Monday, following the break down near the trend line.

This led to the euro currency falling to the support area near 1.1715.

Given that this support level has held up in the past, the reaction could be mixed.

An eventual breakdown below 1.1715 could see the euro possibly pushing lower to the 1.1600 level of support next.

To the upside, a rebound could keep the currency somewhat supported but in a range.

We expect that in the short term, the euro gains are limited. A lot will depend on how price reacts near the support area.

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