Bearish signs have intensified after prices fell back below the daily Ichimoku cloud and below the 50-day and 200-day moving averages. Also the tenkan-sen line has crossed below the kijun-sen line. RSI has fallen below 50.
The 200-day moving average is an immediate barrier to the upside around 1.1106. There is scope to fall to 1.0807, the July 20 low. A break below this would pave the way for a test of the multi-year low of 1.0461.
Looking at the bigger picture, the market is still in a corrective pattern after the decline from 1.3992 (May 2014) to 1.0461 (March 2015). A break below 1.0461 would bring a resumption of the downtrend. Prices would need to clear above 1.1713 to shift the bias.