Technical outlook:
EURUSD continued its slide through 1.1885 lows today, before pulling back to 1.1920 handle. Bears are looking in control and also determined to drag prices below 1.1700 in the near term. Intraday pullbacks remain possible and they should be taken as opportunities to initiate further short positions. Ideally, prices stay would stay below 1.2218 mark going forward.
EURUSD is seen to be trading around 1.1915/20 levels at this point in writing and is expected to drag further towards 1.1700; 1.1300 levels in the next few weeks. Immediate resistance is seen around 1.2220, followed by 1.2266 and higher; while support comes in around 1.1700 levels respectively.
EURUSD is already underway towards hitting lower levels at least below 1.1700 mark. According to the wave structure, potential remains for a drop through 1.1300 and 1.0600 in the next several weeks. Traders might be preparing to hold short positions for now.
Trading plan:
Remain short for now, stop @ 1.2266, target @ 1.1300
Good luck!
