The price hasn't fixated yet above +1/8 Murrey Math Level, that's why bears are pushing the pair lower and lower. The Super Trend indicator's Line has formed a bearish cross, and for now acting as resistance. This morning, after another pullback from the 1-hour Super Trend Line we've got a new local low. There's no any bullish sign so far.
In this case, if the price trades firmly below 5/8 Murrey Math Level, there'll be a green light for the bearish rally to continue. The nearest target is 3/8 MM level at 1.1077, which could act as support. However, we also should watch 4/8 MM Level at 1.1108 because of the possibility to have a local upward correction from it.
Besides, if the market goes through 3/8 MM Level, there'll be a moment to develop a steeper decline. If this happens, the pair will try to test 2/8 Level or drop even deeper. The Super Trend Lines are an essential barometer for the bearish scenario. If the price breaks these lines, there'll be an option to have a large upward correction.
The bottom line is that EUR/USD is still in a bearish mood. The next target is 3/8 MM Level, which could stop the rally, for a while at least.
