Technical outlook:
EURUSD rallied through the 1.0902 high during the Asian session on Wednesday, potentially completing a corrective rally after having tested 1.0926 on Monday. The single currency pair is still trading close to the intraday high at this point in writing as the bears remain inclined to be back in control soon. the price is looking lower from here going forward.
EURUSD produced a Pinbar candlestick pattern on the daily chart on Monday after printing the 1.0926 high. The interim resistance still holds well and a follow-through lower could produce an Evening Star reversal. If the structure unfolds accordingly, the currency pair could be well on its way towards 1.0370 and 1.0050 at least.
EURUSD remains supported at 1.0766, followed by 1.0481. A break lower will be required to confirm a bearish reversal ahead. Also, note that the Fibonacci 0.618 retracement of the entire rally between 0.9535 and 1.0926 is passing through 1.0050. A high probability remains for a bullish reversal if prices reach there. We shall review the wave structure then.
Trading idea:
Potential bearish turn against 1.1000
Good luck!
