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Technical outlook:
The EURUSD is expected to face resistance off the fibonacci 0.618 of the resent downswing between 1.1260 through 1.1107 levels as presented here. Furthermore, the trend line resistance is also seen to be passing through 1.1210/15 zone at this moment, which should act as a potential bearish reversal. Immediate price resistance is strong at 1.1260 levels and till the time it remains intact, bears are expected to take control back, push prices lower below 1.1107 levels. Please note that potential target lower should be towards 1.0900 levels at least, before bulls take over. Hence it is favored to remain short as discussed last week with a risk/stop just above 1.1260 levels. On the other side, if bulls manage to break above trend line resistance and subsequently take off 1.1260 levels, it would be a confirmation that a meaningful bottom is in place and that the trend is reversing. We shall take note of the situation as it unfolds.
Trading plan:
Remain short @ 1.1200 stop at 1.1260 target below 1.1107.
Good luck!
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