EURUSD recently reversed down with the daily Bearish Engulfing from the key resistance area located between the resistance level 1.22700 (former top of the impulse wave 3 from the middle of December) and the resistance level 1.23400 – stinging near the upper daily Bollinger Band and the resistance trendline of the daily up channel from last June. The downward reversal from this resistance area stopped the previous impulse waves 5 and (C). Given the strength of this resistance area and the strongly bullish USD sentiment seen across the currency markets today – EURUSD is expected to fall further toward the next support level 1.21000.