Technical outlook:
The EUR/USD pair has made yet another low just below 1.1120. The most popular currency pair is seen to be trading around 1.1135 levels at this point in writing and looking to be prepared to push through 1.1220/30 levels at least. We are still ready for a possibility of a minor retracement to the above levels as shown on the 4H chart, or a higher retracement towards 1.1300 levels, which is the fibonacci 0.618 resistance of the entire drop from 1.1412 through 1.1127 levels respectively. The wave structure still looks to be constructive for bears, poised to push lower below 1.1107 levels going forward. With the indicators stretching into the oversold territory as well as the wave/drop from 1.1282 levels looks to be an impulse (complete), a healthy retracement towards 1.1220/30 levels would be considered constructive for the next bear leg to resume. Until prices stay below 1.1282 levels, all rallies could be considered as counter trends.
Trading plan:
Aggressive traders may go long now, with stop below 1.1107, targeting 1.1200/20
Conservative traders may stay aside for now and look to sell on rallies.
Good luck!
