Technical outlook:
EURUSD had dropped through 1.1626 lows until yesterday and a break lower might push through 1.1600 levels before pulling back. The single currency pair is seen to be trading around 1.1635 levels at this point in writing and might be preparing for a potential counter trend rally towards 1.1780/1.1800 from here. For the above structure to remain valid, 1.1626 lows should hold. Immediate resistance on the daily chart is seen towards 1.1915, while interim support is around 1.1626 levels respectively. The overall structure remains bearish with recent boundary being worked upon is between 1.1915 and 1.1626 respectively. A pullback towards 1.1780 could be seen as a healthy sigh for the down trend to continue further.
Remain short, stop above 1.2010, target is 1.1100
Good luck!
