Euro's multiple failed attempts to hold above 1.12 followed and a exhaustion near long standing resistance at 1.1236 (38.2% of 1.0463-1.1714) if followed by a break below two rising trend line
support on the daily chart
- 1.1150 and 1.10 -0 would signal the downtrend from the high of 1.1616 has resumed.
In such a case, support at 1.10 stands exposed.
However, bears need to watch out for a rebound from anywhere between 1.1140-1.1160 as that could translate into inverse head and shoulder formation as discussed here in the post titled "EUR/USD - Possible inverse head and shoulder