Technical outlook:
EURUSD dropped through 1.1800/10 levels post NFP over the last week and is seen to be pulling back at the moment. The single European currency is expected to hit initial resistance again around 1.1900/50 zone. Traders might remain watchful for any short term rallies through 1.1950 and take it as yet another opportunity to initiate fresh short positions.
EURUSD has pulled back through 1.1880 level at this point in writing and is expected to push further into 1.1950 before turning lower again. Immediate support is seen towards 1.1800, while resistance comes in around 1.1950/70 levels respectively. The currency can drift sideways for a while before breaking lower towards 1.1700 levels.
EURUSD had turned lower again from 1.2266 levels around May 25, 2021 as seen on the daily chart here. It is projected to complete the wave structure by dropping below 1.1700 levels at least. Also note that potential remains for a continued drop through 1.1300 level if prices break below 1.1600 going forward.
Trading plan:
Remain short and add more @ 1.1950, stop @ 1.2260 target @ 1.1600, 1.1300
Good luck!
