The EUR has been trading exactly what I expected yesterday after the growth rose in June well above expectation. The price is heading towards my first target at the price of 1.1200 and also the round number. Watch for levels 1.1200-1.1182 for potential retracement but in case of the down break, downward target will be set at 1.117.
On the 4H time-frame I found that there is bear cross on the Stochastic and MACD, which represents short-term downtrend. Fibonacci expansion target is set at $1.1200 (FIB 61.8%). Additionally, there is the breakout of the upward trendline (blue trendline), which is another clue that we got today that sellers are in big domination. As long as the EUR is trading below the 1.1320, I would watch for selling opportunities on the rallies with the targets at 1.1200, 1.1182 and 1.1117.
