Technical outlook and chart setups:
The EURUSD pair seems to be testing its recent swing highs at 1.1230/40 levels before giving in to bears. The pair is seen to be trading at 1.1233/34 levels for now, just within the range of trend line resistance as depicted here. The wave structure still indicates that a bearish resumption here is a strong probability that has potential to push lower towards fresh swing lows. The pair had reversed lower from fibonacci 0.786 retracement level of earlier drop right at the trend line resistance as depicted here. Ideally, prices should remain below 1.1280 levels to keep the bearish structure intact. It is hence recommended to remain short, with risk at 1.1280 levels. Immediate resistance is seen at 1.1283 levels, while support is seen at 1.1120 levels respectively.
Trading recommendations:
Remain short, stop at 1.1280, target is open.
Good luck!
