Technical outlook:

The EURUSD pair is trading very close to our proposed target of 1.1270 at this moment of writing. It is safe to exit short positions at the current price (1.1285) or at 1.1270 levels and wait for further trading signal appearance. Looking at the wave structure, it is more probable to bounce off the Fibonacci 0.618 support at 1.1270, depicted above. The downswing is projected Fibonacci extensions at lower levels though (1.1234). Hence, we shall remain aside/flat to see where support is coming in. Ideally, prices should stay above 1.1180 support but there could be a possibility of a further drop lower. If it does, we would bring up a medium-term update on the 4H chart here. On the flip side, a bullish bounce at 1.1270 levels would warrant price action proceeding towards a new high above 1.1412 levels. For now, take profits on the short positions taken earlier and remain flat.

Trading plan:

Take profits on short positions now or at 1.1270 levels and stay flat.

Good luck!