EURCHF recently reversed down sharply from the resistance area lying between the pivotal resistance level 1.07000 (which also stopped the earlier short-term correction (iv) at the start of February and the upper daily Bollinger Band. The downward reversal from this resistance area created the daily candlesticks reversal pattern Evening Star. With the strong downtrend visible on the daily EURCHF charts – EURCHF is likely to fall further toward the next support level 1.05850 (low of the previous short term impulse wave (i) from the end of February).