EURUSD has failed at upper trendline and extended the falling wedge's lower trendline. The 61.8% fib fan line suggest potential downside target for this move, as it began to bounce off that level. Notice the positive divergence on 4 hour chart has extended as the price went lower. Remains to be seen if it will continue its descend to morph into a channel and hit the lower chanel trendline (not drawn) or reverse. If it holds this level, it is higher low, and it can try moving upward, and this level and setup certainly shows that possibility, but make no mistake we can't ignore the purpose for this down move is to test previous low and make new low as there surely will be more trading to determine the outcome.
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