EUR/USD is currently trading with a bearish bias. During the previous day on 22nd April 2016, the pair traded massively short but could not close below our daily support 1.12202. As long as the level 1.12202-1.12166 protects the lower side, look for possible rebound from this zone with a target at 1.1282. A breakout below 1.12166 will accelerate a downward rally towards 1.1176. This pair should be traded alongside NZD/USD, GBP/JPY and GBP/JPY. These pairs have a strong positive correlation of up to +0.89 and will likely move in a similar direction during this intraday.
Expect a downward rally towards 1.1176. If you are not short already, wait for a clear breakout below 1.12166 to go short with your target at 1.1176 and 1.1151. Only buy if the price clear breaks out above 1.1239.