Technical outlook:
The wave structure presented here indicates a more clear picture for EURUSD. Please note that despite EURUSD touched 1.1300 levels yesterday, a sharp reversal from there may lead to an increase . Also note that the rally from 1.1107 through 1.1300 levels is still 3 waves, and hence corrective. The EURUSD pair has unfolded into a complex correction since the lows at 1.1111 levels earlier. It is safe to remain short from what was discussed yesterday, keeping risk above 1.1320 levels respectively. Intraday rallies remain possible through 1.1270 levels, but prices should remain well capped below 1.1300 levels, if this scenario works out. Immediate swing resistance is seen around 1.1320 levels and till price stay below that. Bears are expected to remain in control. Fresh short positions can be taken during intraday rallies towards 1.1260/70 levels in the coming 1-2 sessions, We shall re-evaluate the situation around 1.1160 levels going forward.
Trading plan:
Remain short with stop above 1.1320, target below 1.1107 levels.
Good luck!
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