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The euro quickly reversed the declines in a rapid ascent, recovering most of the declines from late last week.

Price action is now back near the June 16 highs at the technical resistance level of 1.1347.

A breakout above this level will potentially confirm further upside as the highs near 1.1400 might very well be tested. However, if the euro fails to breakout above 1.1347, then we expect to see a move back lower.

This time around, we expect the common currency to potentially test the 1.1132 level of support.

A breakdown below this level will potentially open the way for further declines down to the 1.1000 level.

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