EURUSD proceeds towards 1.2190/1.2200 handle

EURUSD bulls remain poised to push through 1.2190/1.2200 handle from here. Please note it is the fibonacci 0.618 retracement of previous drop between 1.2350 and 1.1950 levels respectively. A bearish reaction remains possible around 1.2200 mark and EURUSD could slip to 1.2040 levels thereafter. It remains to be seen if the drop would extend towards 1.1600 or the currency bounces back higher again after touching 1.2040 levels. An impulse wave is in the making from 1.1950 levels, keeping doors open for further advance.

Short against 1.2350, add more @ 1.2200, towards 1.2050 and 1.1600