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The common currency continues to embark on a correction as price action failed to hold near the technical support level of 1.1715.

The breakdown below this key support level could potentially mark further declines in the medium term.

The next key support level comes near the round number support level of 1.1600. We could expect prices to hold up in the near term.

But given the current Stochastics oscillator’s positioning, the oversold conditions could lead to a short term retracement in prices.

This could mean that the EURUSD might retrace back to 1.1715 where resistance could form.

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