EURUSD Intraday Analysis

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EURUSD (1.1517): The EURUSD currency pair extended the declines and promptly posted a rebound off the support area of 1.1435 – 1.1466. This double bottom pattern signals a possible move to the upside. Price action will need to clear the resistance area of 1.1547 – 1.1525 in order to confirm the upside. A breakout above this area could trigger further gains that could push the EURUSD to test 1.1718 – 1.1745 level of resistance. This area also coincides with the minimum price objective of the double bottom pattern.