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Technical outlook:
EURUSD might have carved a potential lower high around 1.2080 levels yesterday. The currency has reversed lower as expected and might unfold an Evening Star pattern on the Daily chart indicating a potential bearish reversal ahead. As discussed earlier, if bears manage to come back strong from here, EURUSD might be on its way towards 1.1300 levels, going forward.
EURUSD is seen to be trading around 75 pips lower from yesterday's high; just above 1.2000 handle at this point in writing. It is expected to remain in control of bears and an intraday target could be towards 1.1940/50 mark. Immediate price resistance stays around 1.2080, followed by 1.2242; while support comes in at 1.1940, followed by 1.1704 levels respectively.
The overall structure might have reversed since 1.2350 highs on January 06, 2021. EURUSD bears have carved a bearish wave towards 1.1704 already. Also, the recent rally has stalled around fibonacci 0.618 of recent drop between 1.2242 and 1.1704 respectively. Looking at all above facts, probability remains high for a continued drop below 1.1700 in the next few weeks.
Trading plan:
Remain short, stop @ 1.2350, target @ 1.1300
Good luck!
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