Technical outlook and chart setups:
The EUR/USD pair hit the first expected target at 1.1150 levels as expected, on Friday last. Please note that further downside remains at 1.1120 levels as depicted here, before a meaningful retracement could be expected. Please note that the pair could rally through 1.1180/85 levels before dropping lower or it could continue slipping from here. The wave structure indicates that bears should remain in control till prices stay below 1.1280 levels going forward. It is still recommended to hold short positions or initiate fresh, with risk reduced to 1.1280 levels. Immediate resistance is seen at 1.1280 levels, while support is at 1.1120 levels respectively.
Trading recommendations:
Remain short now, stop above 1.1280 levels, target 1.1120 at least.
Good luck!
