The EUR/USD pair is trading at 1.1260 on the 2-hour chart as it rebounds from the latest decline. I see price trading below both moving averages, and still within a longer-term bearish move. The bounce, however, is improving momentum in the near-term, and I am looking for the first Fibonacci level at 1.1278 to be tested.

The next resistance would be at 1.1298, with 1.1317 above that. The support would be at 1.1254, and then 1.1215 and 1.1189.

RSI is moving up from the oversold area, but is still below the center line. This means the bullish momentum is not confirming a trend reversal, and I would expect price to continue falling, while staying below 1.1278 and 1.1298. I would see a break above 1.1317 as bullish and a break below 1.1254 as more bears coming in toward 1.1215.