EURUSD reversed sharply lower from 1.2230/40 handle yesterday, in line with expectations. The drop through 1.2140/50 might be the first lower degree impulse wave and a counter trend rally might be soon underway towards 1.2200 mark. Bears would be inclined to remain in control from here and resume lower from 1.2200/10 levels, if EURUSD manages to reach there. A drop below 1.1950 will certainly accelerate towards 1.1700 and 1.1600 going forward. Only a consistent break above 1.2300/10 threatens 1.2350 resistance.
Remain short against 1.2350, towards 1.1600
Remain short against 1.2350, towards 1.1600