EURUSD Reverses a Few Pips Off 1.1715 Support

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The euro currency is trading weaker having breached the trend line.

Subsequently, price action is now trading closer to the support area of 1.1715.

However, in the late European session, the common currency reversed losses to make a pullback.

With the trendline likely to act as a potential resistance area, the EURUSD could be range-bound within 1.1800 and the 1.1715 levels.

Market speculation that the ECB announcing further the stimulus plans in December is also weighing in on the common currency. Watch for how prices react near the 1.1715 level.

A close below this support area will open the way for further declines down to the 1.1600 level next.

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