The EURUSD has hit the major resistance level and has formed a bearish engulfing pattern. It looks to me that a lot more sellers will join the bearish mood soon. I will be looking to enter in a short trade if I find a suitable intraday signal at around 1.0700. My stop loss would be placed just above 1.0850. My first target is the level of 1.0500. My next target is the level of 1.0350.