EURUSD seems to have carved a meaningful lower top around 1.1930 levels. It is trading lower at 1.1900/05 handle for now. A break below 1.1867 from here would confirm a top is in place already. Bears would be poised to be back in control soon. Look lower from here.
EURUSD has completed 5 wave rally from 1.0636 through 1.1965 mark. Ideally, an impulse wave is followed by a corrective wave in the opposite direction. In this case, possibility remains that the impulse wave was a part of the expanded flat structure.
If the above proposed wave structure is correct, EURUSD should be up for a bearish reversal going forward. Alternately, if the larger trend has resumed on the higher side from 1.0636, the currency should produce a corrective drop at least.
Either way, EURUSD bears seem to be in control and poised to push lower from here. Looking at the lower degree wave counts since 1.1965 highs, a potential Wave 1 looks to be in place between 1.1965 and 1.1754 levels. Subsequently, a corrective Wave 2 might be complete around 1.1930 today.
If the lower degree counts hold, EURUSD should stay below 1.1965 and reverse lower from here. A break below 1.1754 would accelerate the drop further towards 1.1167, the previous Wave 4 termination point at least. Watch out for a potential bearish reversal from here.
EURUSD remains a great candidate to be sold on rallies from here. Please note that a larger degree wave structure is pointing towards 1.0636 and lower. Bears might be preparing to come back strong in control from here.
Short against 1.1970, targeting at least 1.1167.