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Euro Continues To Extend Declines

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The common currency is trading weaker on Monday’s open, extending on the declines from last Friday. This comes as price failed to breach the previous two-year highs.

The dollar strength is also adding to the current weakness in EURUSD. Price action is trading near the 1.1750 level of support.

From the Stochastics oscillator, there is a possibility that EURUSD might hold on to this support.

A rebound off this level could see another attempt to the upside.

But in case the euro slips below the 1.1750 handle, then we could expect a move toward the 1.1600 level of support next.

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Source: https://www.orbex.com/blog/en/2020/08/euro-continues-to-extend-declines
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