Technical outlook:
EURUSD continues its decline and hits fresh intraday low around 1.2005 as we prepare to publish this article. The currency is expected break below immediate support seen at 1.1993 levels at least, before finding support. The structure indicates of a much deeper correction towards 1.1300 levels going forward. Potential short term pullback remain possible towards 1.2080/1.2100 mark before resuming lower.
EURUSD is trading at intraday's low around 1.2003 at this point in writing and bears are looking poised to drag lower through 1.1970/80 levels from here. The drop from 1.2150 looks complete for now and a pullback rally might take shape any time soon. Immediate support is at 1.1993, followed by 1.1935 mark; while resistance is around 1.2150 and higher respectively.
As EUR continues to print lower lows and lower highs since last Friday, bears are looking to remain in control until 1.2150 resistance holds good. Intraday counter trend rallies remain possible now as the RSI is producing bullish divergence on short time frames. The currency remains firmly bearish against 1.2150 resistance for now.
Trading plan:
Remain short, stop @ 1.2350, target @ 1.1300
Good luck!
