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The common currency continued to push lower, ending last week with declines.

Prices are trading just a few pips off the 1.1600 round-number support. We expect a near term move to the upside given the current set up.

The Stochastics is pointing to a possible rebound. This could mean that the euro could retest the 1.1715 level.

If resistance forms near this price level, then we expect the common currency to hold steady within the said levels.

But there is a risk of a further downside breakout. Below 1.1600, the next key support level is near the 1.1500 handle.

To the upside, the 1.1900 level remains a key challenge.

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