EURUSD is now testing a critical support level at 1.2135. This is the 50% Fibonacci retracement level of the move up from 0.8225 (2000 low) to 1.6038 (2008 high). The pair has turned increasingly bearish after the tenkan-sen line crossed below the kijun-sen line as seen on the daily chart. Momentum is also highlighting the downside bias as the RSI and MACD are both falling and in bearish territory.
The big picture is bearish as EURUSD has been falling and making lower peaks and troughs since the May 8, 2014 high of 1.3992. Prices are below the daily Ichimoku cloud and below the 200-day moving average, which also support the bearish market structure.