Technical outlook:
EURUSD has pulled back from intraday highs and is trading close to 1.2050 levels at this point in writing as bears remain poised to take control back. Immediate price support is seen towards 1.1940/50 mark, while resistance stays at 1.2242 levels respectively. Also note that prices have almost tested the backside of the previous support turned resistance trend line.
Looking at the above convergences of fibonacci 0.618 retracement, back side of the trend line test around 1.2080 mark, high probability remains for a bearish reversal from here towards 1.1300 levels at least. Only a break above 1.2250 and subsequently 1.2350 would change the existing bearish scenario, going forward.
Trading plan:
Remain short, stop @ 1.2250, target is 1.1300
Good luck!
