With the current upward move towards 1.26 we completed wave 4 of the downward impulsive move that started on early May from 1.40. Friday was the day that the new downward wave 5 has started as price got rejected at 1.26 and broke below short-term support and brought the pair back to its lows at 1.2360.
EURUSD remains below the Ichimoku cloud and I expect a bounce towards 1.2450-1.25 to give the last opportunity to go short before a sharp decline towards 1.22-1.21 comes. As long as price is below 1.26 and the black trend line resistance I believe trend is bearish and we should expect a wave 5 down to complete the entire decline from 1.40.
Concluding, I remain bearish with targets near 1.20 or below as long as we are below 1.26. Any upward bounce I consider it to be a sell opportunity.