EURUSD needs to hold below 1.1400 handle to remain bearish

EURUSD had dropped to 1.1258 lows today, before pulling back higher. It is trading around 1.1293 for now and should be looking to stay below yesterday's high at 1.1345, going forward. Structurally, EURO has dropped from 1.1345 through 1.1258, in 3 waves until now. We need to wait for an 5 wave drop to confirm a bearish reversal. Overall, wave counts are suggesting a bearish probability towards 1.0755 as highlighted on the chart today. For the above structure to remain intact, EURUSD must stay below 1.1400 resistance. For the short term at least, we favor a bearish structure until prices stay below 1.1400. Alternately, a break higher would challenge the next major resistance around 1.1500.

Strategy:

Short against 1.1400, targeting towards 1.0636

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