Technical outlook:
EURUSD remains bearish in the long term, after having hit 1.2010 highs this month. The single currency pair is seen to be trading around 1.1786 levels at this point in time and is expected to push through 1.1900/20 levels at least in 2-3 trading sessions. Immediate resistance is intact around 1.2010, while support is seen around 1.1737. The currency might remain higher in the short term but 1.1737 support should remain intact. Also note that the recent boundary which is being worked upon is between 1.2010 and 1.1754 respectively. The fibonacci 0.786 retracement is seen towards 1.1950/60 levels, which could be potential resistance. The counter trend rally might reach up to 1.1950/60 mark before terminating. Downside projections remain towards 1.1100 levels at least.
Trading plan:
Remain short, stop above 1.2010, target is open.
Good luck!
