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Technical outlook:
EURUSD seems to have carved a meaningful top just above 1.2260 mark yesterday. It has also tested the back side of support turned resistance trend line as seen here. Further prices still remain within the vicinity of fibonacci 0.786 retracement of entire drop between 1.2350 and 1.1704 levels respectively. A bearish turn from here remains high probability.
EURUSD has carved a contracting wedge formation between 1.1986 and 1.2266 levels and might breakout of the slope going forward. A break below 1.2150/60 will confirm that prices are out of wedge and that bears are back in control. It is seen to be trading around 1.2235 levels at this point in writing and expected to drift lower towards 1.2160 soon.
Immediate price support is also seen around 1.2150/60 mark, while resistance stays around 1.2350 levels respectively. Please note that downside potential remains towards 1.1300 and beyond. Only a break above 1.2350 would nullify the bearish outlook and bring back bulls into play. Watch out for a break below 1.2150 for bears to accelerate lower.
Trading plan:
Remain short, stop @ 1.2350, target is @ 1.1300 at least.
Good luck!
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