Technical outlook:
EURUSD might have carved a lower high around 1.1900 mark yesterday as it prints 1.1806 low before pulling back. Either, bears have resumed lower towards 1.1700, 1.1600 and 1.1300 or a complex correction is underway. The correction might extend prices back towards 1.1900 or even higher through 1.2000 handle before EURUSD could resume lower again.
EURUSD is seen to be trading close to 1.1828 levels at this point in writing and is expected to drop further towards 1.1600 levels at least, if not further. Another possibility is that bears might print lower through 1.1740 levels today and then pullback sharply for a deeper correction. Immediate support is seen at 1.1700, while resistance comes through 1.1975 levels respectively.
If EURUSD finds support around 1.1730/40 zone today, and manages to pullback above 1.1975 levels, a much deeper correction might be underway. Either from here or after meaningful pullback rally, EURO bears would be poised to push prices lower towards 1.1300 at least.
Trading plan:
Remain short, add more @ 1.2030, stop @ 1.2250, target @ 1.1300
Good luck!
