Join the Bears in Anticipation for the Next Downward Leg

EURUSD saw immense selling during the Brexit, traveling over 400 pips in 8 hours. Since then the bulls have only been able to recover roughly 50% of that downward leg over the course of 2 weeks. With the lack of any prevalent bullish moves and with a weak correction currently in play, another impulsive downward leg is anticipated in the sessions to come, potentially challenging the Brexit lows. The most logical area to enter in on this bearish momentum is the 1.117-1.119 level. This area has acted as support for a swing point in the recent past and was where the bears drew the line when the bulls attempted to recover the losses post-Brexit.