Technical outlook:
EURUSD finally seems to have carved a potential top around 1.2003 levels yesterday, before reversing sharply lower. The single currency is seen to be trading around 1.1955 levels at this point in writing and is expected to find resistance around 1.1955/75 region to resume lower again. Immediate resistance remains intact at 1.2010 while support is seen around 1.1800 levels respectively. A push below 1.1800 would be considered as encouraging to ears and confirm a bearish reversal ahead. Only a push beyond 1.2003 will threaten to break 1.2010 but upside would still remain limited and we shall be looking to sell higher again. For now, we remain focused on 1.1800 support and once it is taken out, traders might consider to again sell on rallies. Overall structure remains bearish for EURUSD and minimum projected targets could be towards 1.1500 levels. A further push could open doors for a test of 1.1200, which i close to fibonacci 0.618 retracement of the previous rally between 1.0636 and 1.2010 levels respectively.
Trading plan:
Remain short, stop @ 1.2010, target is 1.1600, 1.1500.
Good luck!
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