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Technical outlook:
EURUSD broke through the 1.2177 level yesterday before pulling back. It is once again seen to be testing the trend resistance line of 5 months since January 06, 2021 on the daily chart. Ideally, bears are likely to dominate the pair as long as prices stay below the 1.2350 level. A test of 1.2210 might be possible before reversing lower again.
EURUSD dropped below the 1.2126 low early today. It is seen to be trading around the 1.2145 level at this point in writing. The currency is likely to face immediate resistance at 1.2242, followed by 1.2350; while support is seen at the 1.1986 level respectively. We need to see a break below the 1.1986 level to confirm that the pair may reach a top and bears are back in control.
EURUSD bulls have certainly managed to develop a short-term edge by rallying through 1.2177 highs but it remains to be seen if they could manage to hold it. A drop below 1.2020 would turn the tide in favor of bears again. Overall, the structure might complete on a drop to the 1.1300 level at least over the next few weeks.
Trading plan:
Remain short, stop @ 1.2350, target @ 1.1300 and further.
Good luck!
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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