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EURUSD Bearish Reprieve | Profit Taking at 200 Day SMA

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Notes:

200 Day SMA acting a formidable support at 1.1100.
Profit taking should take place at this point, temporarily halting the bear run that began in early May.
Provided that the Fed is on course for a Rate Hike in June, I maintain a Bearish bias on this pair.
With that being said, I look to the 1.22 - 1.23 zone for further Shorts due the technical confluence presented on the chart. The 25-Day EMA can also be extrapolated to this area that should act as good resistance.
Alternatively, a Weekly close below the 50 Week SMA would be further indication for increased Bearish traction.
Provided that the ECB and FOMC Rate Path and Monetary Policies remain at a differential, the pair should experience a general slow creep to the downside, especially now that a major ascending trend-line has broken (on chart)

Alternative Scenario 2:

1.118 holds as Resistance on a break of the wedge shown on the H4 TF.
Price remains trapped within a range bound by the the 25-Week EMA and the 50 Week SMA up until the lead-up to June FOMC Rate Decision.

Long term Short-side Target at 1.100.

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Low risk attempt at a Long till 1.2200;
Stops below 200 Day SMA.