Technical outlook:

The EUR/USD pair continues to drift lower with no or little relief to bulls as a new low was print at 1.1118 levels yesterday. The bearish structure remains intact for now and has more room to drop towards 1.1083 and 1.1020 levels at least before a meaningful pullback is underway. Please note that fibonacci resistances of the recent drop between 1.1262 and 1.1118 levels begin from 1.1173 levels and also the backside of the support turned resistance consolidation line is seen around 1.1190 levels as seen the the chart view. It is recommended to stay aside and wait for a pullback rally to materialize at least through 1.1175/90 levels before re-entering short positions. Also note that the immediate resistance trend line is also seen passing through 1.1180/1.1200 levels; with number of convergences as discussed above. Hence a bearish reaction around 1.1180/1.1200 levels would be considered as the most likely outcome. Looking to sell there.

Trading plan:

Remain flat for now and look to sell between 1.1180/1.1200 levels, stop above 1.1324 and target 1.1080/20

Good luck!