Technical outlook:
EURUSD has dropped to fresh intraday lows today around 1.1712 levels, before pulling back. The single currency pair is seen to be trading around 1.1760 levels at this point in writing and is expected to print higher towards 1.1920/30 in the next few trading sessions. Immediate resistance is seen through 1.1870, while support remains at 1.1712 levels respectively. The boundary which could be worked up on is between 1.3483 and 1.1712 levels respectively. Please note that the fibonacci 0.618 retracement of the above drop is seen around 1.1901 mark. It is still possible for bulls to produce a meaningful counter trend rally towards 1.1900/20 before reversing lower again. The downside targets remain around 1.1100/50 levels going further.
Trading plan:
Remain short with stop @ 1.2010, target is @ 1.1100
Good luck!
