4/8 Murrey Math Level acted as support yesterday, but bulls haven't fixated above 6/8 MM Level. The market is consolidating below Super Trend Lines, which brings more evidence that the bearish trend isn't losing its steam. However, the pair is likely to test 6/8 MM Level once again before we see the price lower. Another pullback from 6/8 MM Level will confirm the outlook and might be a starting point for the next phase of a decline.
Besides, Super Trend Lines remains under the 'Bearish Cross', which highlights the opportunity for the pair to sink even lower. The next important target is 2/8 MM Level, which is confirmed by higher timeframes. The subsequent pullback from this level might be a departure point for a local upward correction. Another thing, it's essential for the market to fixate under 3/8 MM Level just to confirm the scenario.
Meanwhile, if the price breaks 6/8 MM Level and takes hold above it, the bearish outlook will be at risk. If this happens, we should wait until the pair returns under the Super Trend Lines as a signal that bears are returning into the market. 4/8 MM Level might act as support once again, so it's possible to have a local bullish correction form this line.
The bottom line is that EUR/USD remains bearish and yesterday's rocking hasn't changed the outlook. The question is when the current correction ends, but the odds are to see the pair even lower in the near future.
