EUR/USD Fell After All

EUR/USD fell after all, just when I was starting to lose hope and had begun to think that the correction might last longer than I previously expected. The pair formed two nice reversal pattern candlesticks in the daily filter and, naturally, started descending after that, reaching the support around 1.2390. That said, we need to wait for it to break below the support and below the previous low at 1.2350 to be certain that it is not forming a double bottom and that the downward trend continues. Should it do so then it will likely continue down on its way to target 1.2200, maybe even 1.2000.