We have a 2618 setup forming here on EURUSD in the context of the longer term downtrend. I am particularly confident in this setup for a number of reasons. The early-week rally has been almost completely eliminated with yesterday's selloff. A valid 2618 setup has formed with the and close below neckline, confirming the potential for an upcoming move to the downside.
The reversal zone comes in at previous structure, as shown on the chart with the blue circles and arrows. It also happens to line up well with the from the highs at 1.13870.
BE AWARE that the ECB Press Conference and Interest Rate decision is imminent in 4 hours. Price action is likely to be volatile around this event. Just something to be aware of if you are trading Euro tonight, don't get caught with your pants down!
Target 1: 1.12880
Target 2: 1.12610
Best of luck for the rest of the week and beyond,