Technical outlook:

EURUSD might be ready to resume lower towards 1.1700 at least over the short term. It is working on its first bearish wave since 1.2266 high over the last few weeks and might be completed around 1.1700 mark. Traders should be prepared to book short term profits close to 1.1700, while positional traders might want to hold until 1.1300 or even lower.

EURUSD is seen to be trading close to 1.1850 levels at this point in writing and is expected to continue dropping lower until 1.1975 holds well. Immediate resistance is seen at 1.1975 mark, while support comes in around 1.1700 levels respectively. A break below 1.1800 levels will accelerate the expected push through 1.1700 and further.

Looking at the wave structure, EURUSD has re-traced its primary bearish boundary between 1.2350 and 1.1704 levels. The counter trend rally had reached up to fibonacci 0.786 mark around 1.2266 levels as seen on the chart. Ideally EURUSD should drop below 1.1700 levels to complete the wave structure. Potential remains towards 1.1300 levels, going forward.

Trading plan:

Remain short, stop @ 1.2250, target is @ 1.1300

Good luck!