Technical outlook:
EURUSD had managed to push through 1.1720 levels yesterday and hit close to 1.1750 before pulling back. The single currency pair is seen to be trading around 1.1705/08 levels at this moment in time and might continue dropping lower from here. A break below 1.1600 would open doors for a drop towards 1.1500 before producing a meaningful pullback. Immediate resistance is seen towards 1.1915, followed by 1.2010, while support is seen around 1.1610 respectively. If EURUSD manages to push through 1.1780/1.1800 levels, it could continue further to test resistance around 1.1915 levels. Overall structure continues to remain bearish until prices stay below 1.2010 resistance. A drop through 1.1500 would be a confirmation that EURUSD may drop deeper towards 1.1100 levels before finding support.
Trading plan:
Remain short, stop above 1.2010, target is 1.1100
Good luck!
