EURUSD faces initial resistance around 1.1940/50

EURUSD might be working on a counter trend rally unfolding potential wave iv of 3 lower towards 1.1700 levels. The fibonacci 0.382 retracement is seen towards 1.1940/50 mark along with previous support zone (potential resistance now). Bearish reaction is expected and prices might turn lower again towards 1.1700, 1.1600 going forward. Only a push above 1.2000 might open other alternate counts. Higher probabilities remain towards selling on rallies for now.

Remain short against 1.2350, towards 1.1600