EURUSD Consolidates Near 1.1700

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The euro currency is finding it hard to breakout above the 1.1700 level, which is now turning into resistance.

However, with the Stochastics positioning mixed, but likely bullish, we could expect further gains.

Any move above 1.1700 will hit the resistance level from below. This will potentially keep a lid for the currency to post further gains.

As a result, the downside could become a more likely outcome.

A reversal near the 1.1700 – 1.1715 region could signal a move back to the 1.1600, if not for the EURUSD to establish a sideways range.

While there is scope for the currency pair to turn lower, it will depend on how strongly, price action can break the 1.1600 support.

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