Since the beginning of the year the currency pair gained more than 10.0% although last week fell almost 1.5% and is in a warning phase since late September. Last week the EURUSD plunged with a wide range and closed near the low of the week, in addition managed to close below the previous week low, which suggests a strong bearish momentum. The currency pair is trading below the 10 week moving average that should provide a good dynamic resistance. The stochastic is showing a strong bearish momentum and crossed below the 50 mid line. The currency pair seems to have found some support on the convergence of the 2016 high with 50% Fibonacci retracement however will it be enough to push the price back up or will make a pause before continuing is downward correction? Expecting a downward move to a Fibonacci retracement at 1.1491 on a bounce from other Fibonacci retracement at 1.1720 (scenario 1) however a break below the previous week low at 1.1573 could trigger another bearish run toward a daily support at 1.1312 (scenario 2).