EURUSD recently reversed down from the resistance area lying between the key resistance level 1.17450 (former support from August and September) and the 38.2% Fibonacci correction of the previous downward impulse from the start of September. Given the growing bearish euro sentiment seen across the currency markets today – EURUSD is likely to fall further toward the next support level 1.16150 (low of the previous short-term impulse wave (i)).