The euro currency finally managed to rise to the 1.1900 level of resistance on Monday. However, after briefly rising above this level, the common currency gave back the gains.
This led price action to slip close to 1.1800 level intraday. The declines come as the dollar index bounced off a three-month low.
The euro currency also brushed aside a broadly better than expected flash PMI data.
For the time being, we expect the EURUSD to maintain a sideways range between 1.1900 and 1.1800 levels for the short term.
Any pullbacks will likely see new selling pressure in the market.