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The euro currency was trading weaker last week, closing in the red on a weekly basis. But the declines came only after price action touched a new two-year high of 1.1965.
If the current declines continue, EURUSD will be sliding toward the support level near 1.1714.
A rebound off this level could keep prices biased to the upside. But it could also see the common currency settle into a sideways range.
The upper ceiling for the range is near the 1.1897 level. The Stochastics oscillator is currently oversold, which could indicate a near term bounce in prices.
Still, with the current set up, EURUSD remains poised to the upside. This view changes if we see a breakdown below 1.1714.
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