Technical outlook:
EURUSD has been drifting sideways in a range between 1.0900 and 1.0945 for the last 24 hours. A break below 1.0900 will accelerate the drop lower towards 1.0800 and down to 1.0700 in the next few trading sessions. The single currency pair is seen to be trading around 1.0920 at this point in writing as the bears prepare to come back in control.
EURUSD is within a corrective phase since hitting the 1.1035 high earlier. The instrument could be inside a triangle pattern within its last Wave E projected to terminate around the 1.0700-50 area. On the flip side, if prices drop below 1.0700, the currency pair could slip further towards 1.0500 and down to the 1.0100-50 area.
EURUSD has retraced after the recent drop between 1.1095 and 1.0630 up to the Fibonacci 0.618 levels as projected on the daily chart here. A bearish reaction remains a high probability now. The bulls will be looking to come back in control around the 1.0700-50 range or below 1.0500 going forward. Either way, the instrument is looking lower from here.
Trading idea:
A potential drop towards 1.0750 to resume soon.
Good luck!
