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Technical outlook:
The EUR/USD pair has rallied to the 1.1324 levels, which is the Fibonacci 0.50% retracement of the drop between the 1.1448 and 1.1181 levels, respectively. It is quite possible that the single currency pair has completed its counter trend rally that began from the 1.1181 levels. A drop below the 1.1260 levels and breakout below the counter trend line would confirm that a meaningful top is at the 1.1324 levels. On the other hand, the possibility remains for another push towards the 1.1340/50 levels which is the Fibonacci 0.618 retracement of the earlier drop. Immediate resistance is at the 1.1448 levels, while the price support is at the 1.1230 levels, respectively. Please note that bears would stay in control until the prices are below the 1.1448 levels going forward. For now, the momentum remains on the downside with the prices accelerating below the 1.1250/60 levels.
Trading plan:
Remain short with a stop loss order above 1.1148, the target is open.
Good luck!
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