EURUSD hits fibonacci 0.618 resistance @ 1.1288

EURUSD has been dropping since the 1.1422 handle recently. It had dropped in a corrective wave a-b-c from 1.1422 through 1.1167 levels, before pulling back. We favor a larger degree A-B-C drop from 1.1422 levels, which could drag EURUSD towards fresh lows below 1.0636, going forward. For the above structure to remain intact, EURUSD must stay below 1.1422 mark. In the short term, EURO bulls have managed to reach fibonacci 0.618 retracement of the recent drop between 1.1348 and 1.1190 as highlighted on the hourly chart here. A bearish reaction here should sent EURO lower towards 1.1100 levels at least.

Short now, Stop @ 1.1422, target below @ 1.11 and further

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