EURUSD is trading around 1.1925 after reaching as high as 1.1970. Trend remains bearish. The current bounce is still considered to be a short-term counter trend move. A relief bounce. This bounce could continue higher towards 1.2050 but if it breaks below 1.19, I will be expecting new short-term lows.
What was previously resistance, is now support. Failure to hold above the green area will be a sign of weakness and will make me expect price to move to new lows towards 1.18-1.1750. I believe price has made only a short-term relief bounce and the downward move that started at 1.2262 is not yet complete.
