EURUSD might be carving a potential Wave 4 higher towards 1.1850/60 or a bit deeper towards 1.1900 levels, before resuming lower towards 1.1600 as Wave 5 unfolds. The structure has unfolded into 3 waves lower until now with Wave 1 terminating around 1.2050, Wave 2 as a W-X-Y towards 1.2242 and potential Wave 3 around 1.1700/05 levels respectively. Ideally Wave 4 could unfold as a sharp zigzag or double zigzag and terminate around 1.1900 mark. Alternately if Wave 3 is extending, then the counter trend rally might go much deeper towards 1.2050 levels as a lower degree wave ii of 3. Either way, EURUSD remains sell on rallies.
Short against 1.2350, targeting below 1.1600
Short against 1.2350, targeting below 1.1600