The EURUSD gor rejected from 100% fibonacci level near 1.1880. at the moment the pair retraced to trade near 61.8% critical level if broken and we witnessed a 4hrs candle close below 1.1820 we might see further momentum for the downside. potential finishing a W,X,Y wave might take euro dollar to new lows belo 1.1600 level. lets not forget the bearish monthly candle from last month " engulfing pattern". no doubt that the ranging market was taking over the markets recently however an impulsive wave is expected soon.