EURUSD resistance remains intact at 1.1400

EURUSD has reversed from 1.1340 levels yesterday. The drop is still in 3 waves hence corrective, but an impulse will confirm a meaningful top in place at 1.1340/45. A drop below 1.1258 would confirm an impulse and EURUSD will be good to sell on rallies thereafter. Alternately, if bulls manage to push prices higher towards 1.1350, they would threaten to push through 1.1400 as well. In that case, odds would be high towards 1.1500 resistance. The currency trades close to 1.1280 levels for now, as we favor a sideways movement for a while, before dropping lower again. Overall, EURUSD remains bearish against 1.1400 for now.

Strategy:

Short against 1.1400, targeting below 1.0636

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