EURUSD bulls had managed to push higher towards fibonacci 0.618 retracement of the recent down swing between 1.2242 and 1.1704 respectively yesterday. As expected, it has produced a bearish bounce and could turn lower towards 1.1300 mark in the next few weeks. The wave structure might be unfolding as follows: Waves 1 and 2 are in place at 1.2050 and 1.2242 respectively. Waves (i) and (ii) of Wave 3 might be in place at 1.1704 and 1.2080 as labelled. If correct, a (iii) of 3rd wave might be underway soon.