Technical outlook:
EURUSD raised through 1.2177 high last week, before pulling back. The single currency is seen to be trading around 1.2120 levels at this point in writing and has been drifting in a tight range between 1.2100 and 1.2030/40 levels respectively since early this week. Immediate resistance is seen towards 1.2177 while support comes in around 1.2010 levels respectively. The overall structure has been bullish since 1.0636 lows in March 2020. Bulls had managed to carve a series of higher lows and higher highs through 1.2177 levels last week. It is quite possible for EURUSD to print yet another high around 1.2250/1.2300 zone before reversing sharply lower. Please note that significant support is seen at 1.1600 levels, which is also fibonacci 0.618 retracement of the entire rally between 1.0636 and 1.2177 levels respectively. A break below that would confirm that EURUSD is heading lower towards 1.1200 levels at least.
Trading plan:
Remain short, stop above 1.2350, target is open.
Good luck!