Outlook on EURUSD: Bearish play seen

On the H4 time frame, prices are testing a key resistance zone, in line with the graphical high, with further downside seen below this level. On the M30 time frame, a pullback to test its resistance zone at 1.18888, in line with the 78.6% Fibonacci retracement and 127.2% Fibonacci extension presents an opportunity to play the drop to the next support target at 1.18450, in line with the -27.2% Fibonacci retracement.