EURUSD expected to stay below 1.2242 now

EURUSD reversed very sharply after hitting 1.2245 resistance zone last week. It has given in more that 200 pips registering a low at 1.2028 today, before pulling back. It is probable to print yet another low below 1.2010 before producing a meaningful pullback. Waves 1 and 2 might be in place at 1.2050 and 1.2242 as labelled on the chart here. If correct, EURUSD ideally stays below 1.2242 and continues lower towards 1.1800 and 1.1600 respectively. 1.2175 is the next opportunity to initiate shorts.

Remain short against 1.2350, towards 1.1600