EURUSD currency pair recently reversed down from the resistance zone set between the key resistance level 1.11000 (former monthly low from January), 20-day moving average, and the 50% Fibonacci correction of the downward impulse (i) from February. The price is currently forming the daily candlesticks reversal pattern Bearish Engulfing.
Given the clear daily downtrend and overall euro pessimism, EURUSD currency pair can be expected to fall further toward the next support level 1.09000 (low of wave (b) from the start of this month).
