EUR/USD tried to break below 1.0845 (S1) on Tuesday, but failed to do so and rebounded back above that level. The price structure on the 4-hour chart still suggests a short-term downtrend and therefore I would expect a clear move below 1.0845 (S1) to open the way for the key obstacle of 1.0800 (S2). Today we get the US ADP employment report for February, where a strong print could be the catalyst for a move below the 1.0845 (S1) line. For now though, our short-term momentum indicators detect slowing downside momentum and give evidence that a corrective bounce is possible before the bears decide to shoot again. The RSI rebounded somewhat from near its 30 line, while the MACD, although negative, has bottomed and looks able to move above its trigger line soon.