EURUSD proceeds towards 1.2150/60 levels

EURUSD had dropped through 1.1994 mark today to complete potential lower degree wave i of 3 lower towards 1.1600. If the above structure is correct, EURO bulls will remain poised to push higher through 1.2150 levels, to terminate lower degree wave ii of 3 in the next 1-2 trading sessions. The wave structure reveals EURUSD might have terminated Waves 1 and 2 already, and Wave 3 might be underway since 1.2242 levels. At the moment, the currency seems to be on its way to produce a counter trend rally towards 1.2150 mark. We can expect Wave 3 lower from there to drag prices towards 1.1800 and 1.1700.

Remain short against 1.2350, towards 1.1600