EURUSD Poised To Extend Correction

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The Euro traded towards 1.1700 against the US Dollar and posted a new yearly high at 1.1710. Later, the EURUSD pair started correcting lower and moved below 1.1700.
 
There was a break below a major support trend line at 1.1635 on the hourly chart, and the pair even traded below the 100 hourly simple moving average.
 
This is a short-term bearish sign since the pair is also below the 23.6% Fib retracement level of the last wave from the 1.1478 low to 1.1711 high. So, there is a chance of EURUSD extending declines towards the 50% Fib retracement level of the same wave at 1.1595 or even towards 1.1580.

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