EURUSD might produce an intraday rally towards 1.1280/90

EURUSD has found interim support at 1.1200 mark it seems. The currency pair could produce a sharp intraday rally towards 1.1280/90 levels before reversing lower again. Probability also remains for a test of 1.1348 levels before finally giving in to bears. The wave structure could be as follows: The drop from 1.1422 through 1.1167 as Wave A, the rally from 1.1167 towards 1.1348 as Wave B or the another high above 1.1348 as Wave B. If the above counts hold, we might see a rally towards at least 1.1280/90 or 1.1348 before EURUSD reverses lower again. Overall EURUSD looking bearish below 1.1422.

Short on rallies, stop @ 1.1422, target @ below 1.1167

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