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Technical outlook:
EURUSD finally manages to push through 1.2200/30 zone today as discussed earlier. It has reached the proposed pullback zone presented here days earlier, which is also just above fibonacci 0.618 retracement of the drop between 1.2350 and 1.1950 levels (not shown here). The single currency pair is seen to be trading around 1.2230/35 mark at this point in writing and is expected to resume lower anytime soon now.
Immediate resistance is seen at 1.2350 mark, while intermediary support comes in around 1.1950 levels respectively. Bears might be now eager and inclined to take control back and drag prices lower towards 1.1600 support, over the next several weeks. Also note that fibonacci 0.382 support of the entire rally between 1.0636 and 1.2350 is seen through 1.1600 mark. A break below that might further open doors towards 1.1200/1.1300 levels, which is fibonacci 0.618 of the above rally.
Bottom line for the above bearish structure to remain intact is that EURUSD should hold below 1.2350 mark. Only a consistent break above 1.2350 will change the structure to bullish over the short term. For now, high probabilities remain for a bearish reaction around 1.2330/50 levels, and resume lower toward 1.1600.
Trading plan:
Remain short against 1.2400, target is 1.1600
Good luck!
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