Short

EURUSD counter trend towards 1.1836 into play ?

EURUSD had reversed from 1.1800 handle yesterday and managed to print a lower low at 1.1711 levels. As discussed earlier, this could be Wave 5 termination. If the above holds, it is safe to believe that a counter trend rally could be unfolding towards 1.1836/40 handle. The fibonacci 0.618 retracement of earlier drop passes through 1.1836 and high probability remains for a bearish reversal. Downside projections could be towards 1.1300 in the near term. Bottom line, EURUSD should hold below 1.1915, going forward.

Sell again @ 1.1835, stop @ 1.1980, target is open.

Good luck!

harshjapee

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