The euro has been trading somewhat mixed with price action perched near the 1.1715 – 1.1700 region.
On a weekly basis, the euro closed last week with gains. It also managed to offset some of the losses from the prior week.
So far, the trend remains to the upside on the weekly charts.
On the daily charts, the EURUSD will need to post a lower high in order to confirm the downtrend.
As a result price action near the current level remains critical for the trend. A close above the said levels could signal a possible move to the upside, following a higher low formation.
Alternately, if there is a reversal at the 1.1715 – 1.1700 region, then we expect price to decline.
The lower target is at 1.1600, but until the EURUSD tests this level the outlook remains mixed for now.