Technical outlook:
EURUSD has dropped through 1.1670 lows today, breaking below previous support around 1.1695 levels. The single currency pair is seen to be trading around 1.1700 mark at this point in writing and is expected to produce a meaningful counter trend rally towards 1.1886 in the next few trading sessions. Also note that EURUSD bulls are carving a potential hammer candlestick pattern on the daily chart and if successful, we should see a rally unfolding starting soon. These counter trend rallies should be taken as opportunities to sell going further. Immediate resistance is seen through 1.1914, while interim support is around 1.1670 levels respectively. The overall trend remains down from here until 1.2010 remains intact.
Trading plan:
Remain short, stop above 1.2010, target is towards 1.1100.
Good luck!
