EUR/USD has made a new low within the corrective wave 2, but the potential downside form here should be very limited and we are looking for a corrective low anytime now. A break above minor resistance at 1.0936 will be a strong indication that EUR/USD finally has bottomed and a new impulsive rally is unfolding.

That said, we also need to stress, that support at 1.0636 must be able to protect the downside as a break below 1.0636 will force us to review our wave count. Under the Elliott Wave Principle wave 2 can't move below the starting point for wave 1 and a break below 1.0636 will do exactly that and invalidate our bullish count.