Euro Continues to Drift Lower

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The euro currency is trading rather flat although the overall bias is to the downside.

Price fell to a three-day low before recovering from the lows near 1.1816.

On the 4-hour chart, the bullish reversal following the Doji pattern could signal some near term gains.

However, we expect any gains to stall near 1.1850 level in the near term. This could potentially cap the gains while keeping a downside bias in the euro currency.

To the downside, we expect the 1.1800 level to be tested in the near term in such a scenario.

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