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Technical outlook:
The EUR/USD pair pullback rally was stalled below 1.1250 levels yesterday. Furthermore, the correction was in 3 ways, falling in line with just retracement. The next move is expected to be lower, back into the 1.1150 levels and further. Please note that another low below 1.1200 levels would see the wave structure from 1.1348 levels in 5 waves lower. This would indicate and further confirm that the next move after a brief correction is expected much below 1.1107 levels. If the pattern is correct, prices are expected to stay below 1.1290 levels from here on. Overall, we are counting on an ending diagonal in EURUSD as larger Wave C, that had begun around 1.1500/10 levels earlier. In continuation of that, the recent drop from 1.1348 levels can be considered as a part of wave v, which is the last leg lower. The ending diagonal structure would hold true until prices remain broadly below 1.1448 levels. We maintain our bearish bias at this moment, against 1.1348 levels.
Trading plan:
Remain short against 1.1348 levels, target is below 1.1107.
Good luck!
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