EURUSD progressing in wave c of y towards 1.2040/50

EURUSD drops through 1.1890/1.1900 support intraday. The currency might be preparing to rally towards 1.2040/50 mark to complete an a-b-c within wave y. According to wave counts, it could be lower degree wave ii within Wave 3 lower towards 1.1600 levels respectively. For the above structure to remain valid, prices must stay above 1.1870 mark, going forward. Bears might remain poised to be back in control from 1.2040/50 levels and resume lower as wave iii of 3 unfolds.

Remain short against 1.2350, towards 1.1600