EURUSD Hits a Two-Week Low

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The euro currency is extending its declines a day after price action closed flat.

However, in the near term, this confirms the downside bias. With price action now trading below the 1.1715, this once again shifts focus to the 1.1600 support level next.

But given the current market conditions, price action could just as quickly reverse direction.

The stochastic oscillator remains oversold for the moment; therefore, a reversal back is likely.

Price action will need to battle the 1.1715 level which will now likely act as resistance once again.

Overall, the EURUSD remains range-bound within the 1.1800 and the 1.1600 levels.

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