EURUSD recently reversed down from the resistance area lying between the round resistance level 1.10000 (which previously stopped the sharp upward correction in the middle of April), 61.8% Fibonacci correction of the previous downward impulse from March and the upper daily Bollinger Band. The downward reversal from this resistance area started the active impulse wave (iii). Given the moderately bearish sentiment affecting Euro today, coupled with medium USD bullishness – EURUSD is likely to extend the losses in the active impulse wave (iii) toward the next support level 1.08750 (former multi- day resistance which reversed the price multiple times in April).