EURUSD recently reversed down from the resistance area located between the key resistance level 1.10000 (which was set as the likely upward target in our earlier forecast for this currency pair), upper daily Bollinger Band and the 61.8% Fibonacci retracement of the previous strong downward impulse wave (i) from the end of March. The downward reversal from this resistance area started the active impulse wave (iii). The downward reversal from this resistance area also created the daily reversal pattern Bearish Engulfing. Given the moderately bearish euro sentiment seen today – EURUSD is likely to extend the losses toward the next support level 1.07850 (low of the previous impulse wave (i)).