EURUSD Completed a Dead Cat Bounce

Following the completion of a Dead Cat Bounce, which is a type of pattern that indicates strong bearish pressure, the price action of the EURUSD is currently pulling back to the 61.8 per cent Fibonacci retracement level at 1.15871 from bellow.

Once the pullback is completed, the broader downtrend would likely be extended lower towards the previous swing low (at 1.15250).