EURUSD finally dropped to 1.1250 in the early Asia Session on Thursday. Bears have managed to drag further to 1.1210 intraday low before the pair pulled back. It is seen to be trading around 1.1230 levels at this point in writing and is expected to carve a bottom soon. The above drop is on-linr with our projections made since the last few trading sessions.
EURUSD has dropped to the Fibonacci 0.786 retracement of its recent upswing between 1.1120 and 1.1500, around 1.1210 levels. High probability remains for a bullish turn from here soon towards 1.1700 and 1.2000 levels. Prices need to stay above 1.1120 mark to keep the above bullish structure intact.
Also note that EURUSD has almost carved its potential Right Shoulder around 1.1200 levels, as we have been projecting since last several trading sessions. The single currency pair has been unfolding an inverted Head and Shoulder reversal pattern with Head around 1.1120, Left Shoulder seen around 1.1200 and Neck line through 1.1500 mark.
Trading plan:Potential rally towards 1.1700 against 1.1100
Good luck!