Technical outlook:
EURUSD seems to have completed its minor pullback rally through 1.1950/60 levels yesterday. Bears might be inclined to resume lower from here and drag below 1.1700 levels at least. At the moment, EURUSD is finding some support of its one year old trend line but it might break below 1.1800 levels soon, going forward.
EURUSD is seen to be trading around 1.1925 levels at this point in writing and is expected to resume lower towards 1.1300 levels. Immediate resistance is seen at 1.2218, followed by 1.2266 and higher; while support comes in around 1.1850 levels respectively. Ideally, bears would remain in control until prices stay below 1.2266 mark.
EURUSD had earlier rallied from 1.0636 through 1.2350 levels, topping out in January 2021. Since then, bears have remained in control and been able to carve a series of lower lows and lower highs. If the above structure holds well, bears would be inclined to drag towards 1.1300 and up to 1.0636 levels, in the next several weeks.
Trading plan:
Remain short, stop @ 1.2266, target @ 1.1300
Good luck!
