EURUSD carving w-x-y towards 1.2030

EURUSD might be unfolding a combination w-x-y to terminate potential lower degree wave ii around 1.2030/40 mark. It is expected to turn lower thereafter, and drop towards 1.1600 levels in the next few weeks. The wave structure indicates Wave 1 and 2 in place at 1.2040/50 and 1.2242 levels respectively; while Wave 3 is in progress. It would be interesting to see if EURUSD reverses from 1.2030 or 1.2085/85 handle. Either way, direction of trade remains sell on rallies.

Remain short against 1.2350, towards 1.1600