EURUSD might be preparing to rally through 1.2050/80

EURUSD trades just above 1.1900 mark as we prepare to publish. It had dropped to 1.1882 lows yesterday, carving Wave B of the proposed A-B-C corrective rally towards 1.2050/80 levels. Structurally, EURUSD might be unfolding Wave 3 lower towards 1.1600 in the next several weeks. Bulls might be inclined to unfold a corrective wave (ii) within Wave 3 towards 1.2080 mark, before turning lower again. We remain short and also look to add more short positions around 1.2080 mark.

Remain short against 1.2350, towards 1.1600