EUR/USD: Bearish hourly cycle w/ smart money acceleration

The pair has seen an impulsive move to the downside, which comes accompanied by both a fairly extensive move in magnitude amid increasing volumes.

The sell-off has confirmed the creation of a new bearish cycle, with the new 100% fib proj target highlighted in the chart.

As the technical stand, any recovery is expected to find increasing selling interest, starting from the old support-turned-resistance as depicted by the immediate horizontal black line in the chart.

The bearish stance will only be negated if the price can break back up above Tuesday's high, which is at a fair distance away.

Comment:

The 100% fib proj target has now been reached. A re-evaluation of positions and some taking profits likely, especially ahead of the weekend likely. The situation in Italy and risk-off content to determine the next directional move.