Technical outlook:
EURUSD bears seem to be back in control as they break below 1.1900 handle today. Please note that the near term potential remains towards 1.1700 mark before producing a counter trend rally. EURO might find some support around the 1.1740/50 mark if prices are able to reach there in the near term.
EURUSD is seen to be trading lower around 1.1880 levels at this point in writing, just about to break lower towards 1.1850 mark. A failure to break below 1.1850 might produce a counter trend rally from here, which could rise through 1.2020 in the next few trading sessions. Immediate support is seen at 1.1850 while resistance comes in around 1.2266 levels respectively.
EURUSD bears would remain poised to break below 1.1850 and drag further lower towards 1.1700 levels sooner. Potential remains for a drop towards at least 1.1300, which is fibonacci 0.618 retracement of the earlier rally as presented here. Either way, the currency pair remains a sell on rallies case until prices stay below 1.2266.
Trading plan:
Remain short, stop @ 1.2266, target is @ 1.1300
Good luck!
