EURUSD short term target seen towards 1.1350 levels

4 באוג׳ 2020

EURUSD seems to have carved a meaningful top at 1.1909 levels last week. The currency had dropped over 200 pips since then, carving interim lows at 1.1700 handle. At the moment it is retracing and might have carved a lower top around 1.1800 mark. Alternately, EURUSD would push towards 1.1830 to carve a lower top before reversing lower again. The fibonacci 0.618 retracement of above drop (potential Wave 1) is also seen towards 1.1830 mark. Hence a bearish bounce remains high probability, if EURUSD manages to reach there. If the above proposed structure holds, EURUSD should be heading lower towards 1.1350 in the near term.

Remain short, stop above 1.1909 target is open.