EURUSD -Potential long ''Retracement''

Overall price is a downtrend. However there is potential retracement to the 1.09 area. Price is currently sitting on a strong resistance that dates back couple of years and on fibo extension. Down trend will resume after retracement to the 1.07 area. Currently EurUsd is extremely oversold. NB On other hand Anything is possible in forex price may continue its bearish move to parity.