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Technical outlook:
EURUSD continues to produce its counter trend rally for now and terminates its second leg around 1.2047 today. Possibilities remain for a touch through 1.2035 before resuming higher to complete its third leg of corrective phase towards 1.2145/55. The single currency pair is seen to be trading around 1.2055 levels at this point in writing, and is expected to push higher towards 1.2145/55 zone before reversing lower again.
Immediate support is seen through 1.1990 mark, while resistance comes in around 1.2242, followed by 1.2350 levels respectively. Also note that the recent boundary which is being retraced is between 1.2242 and 1.1991 respectively. A formidable resistance should be seen towards 1.2150 mark as fibonacci 0.618 levels of the above drop is passing through.
High probability remains for a bearish reaction there as bears prepare to take control back and drag EURO lower towards 1.1700 and 1.1600 respectively. Only a consistent break above 1.2242 and 1.2350 would change the above bearish structure. At the moment, EURUSD is good to be sold on rallies.
Trading plan:
Remain short, add more @ 1.2140/50, stop @ 1.2350, target @ 1.1600
Good luck!
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