EURUSD faces trendline resistance around 1.1800

EURUSD might have carved a meaningful top around 1.1915 last week. The currency has dropped to 1.1720 levels today, before pulling back. In the process it had broken the immediate trend line support, which is now acting as resistance around 1.1800 mark. The wave structure might be unfolding as an impulse but we need to see another low below 1.1720 to confirm. Overall larger degree wave structure could be an expanded flat 3-3-5, which was complete around 1.1915 last week. If the proposed counts are correct, EURUSD should resume lower with initial target around 1.1167.

Remain short, stop @ 1.1960, target @ 1.1167

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