The euro currency gave back the gains late on Tuesday, but price action remains stubborn.
Following the declines, the common currency touched down to the trend line, but only to reverse losses.
As a result, price action is trading close to the 1.1800 handle. However, the current weakness could soon shift the bias to the downside.
This makes the decline to 1.1715 very likely. In the event that the EURUSD fails to breakout any higher, we expect a possible move lower.
Watch how price action will unfold near the lower support level of 1.1715. A strong close below this level could put the EURUSD back on track to test the 1.1600 handle next.
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