EUR/USD traded somewhat lower yesterday following the upbeat data from the US. The pair is currently trading around 1.1768 in an ascending channel. Given that the rate is still trading below the key resistance of 1.1825, we believe that the short-term outlook remains cautiously negative. If the bears able to overcome the minor support at 1.1730 today, then we may experience more downside extensions, perhaps towards the 1.1690 level.
Support: 1.1730, 1.1690, 1.1650 & 1.1610/00.
Resistance: 1.1775/90, 1.1825 & 1.1860.