EURUSD counter trend rally in progress towards 1.2200 levels

EURUSD might have carved a meaningful top at 1.2350 early January 2021 and prices are expected to stay lower from here. Further, bears have unfolded the first impulse lower at 1.2050 mark labelled as Wave 1. Wave 2 either terminated at 1.2190 or is still unfolding as an expanded flat towards 1.2200 handle. Either way, bears remain poised to resume lower towards 1.1600 at least in the coming weeks. Only a break above 1.2350 nullifies the above structure.

Short against 1.2350, target @ 1.1600 at least.