EURUSD seems to be unfolding as an expanded flat corrective structure labelled as alternate count on the 4H chart here. The currency might be unfolding its Alt: C wave towards 1.2200 levels, which is fibonacci 0.618 retracement of the entire drop between 1.2350 and 1.1950 levels respectively. A bearish reaction can be expected around 1.2200 handle for EURO bears to be back in control. Potential remains for a push through 1.1600 at least.
Short against 1.2350, towards 1.1600
Short against 1.2350, towards 1.1600