Technical outlook and chart setups:
The EURUSD pair is seen to be trading at 1.1245 levels at this moment, looking to form a lower top ahead of 1.1280 and reverse lower. Please note that the pair had dropped from interim resistance at 1.1325 levels earlier. Furthermore, it has produced a 3 wave corrective counter trend rally which seems to have been terminated yesterday at 1.1278 levels yesterday. The wave structure indicates that EURUSD should ideally remain below 1.1280 levels and bears should remain in control going forward. The minimum down side projections are 1.1150 levels before a meaningful retracement occurs. It is hence recommended to remain short, with risk above 1.1350 levels. Immediate resistance is seen at 1.1325 levels, while support is at 1.1190 levels respectively.
Trading recommendations:
Remain short now, stop above 1.1350 levels, target 1.1150 at least.
Good luck!
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