EURUSD 1.1117: Falls towards 5-week rising trendline support

EURUSD extended lower off the 1.1466 recent high (May 15, 2015) to 1.1061 (May 20, 2015 low), retracing over 38.2% of the 1.0519/1.1466 rise. Currently the pair is consolidating under 1.1180 (May 21, 2015 high) forming a rising channel. While the latter caps, a break below the 1.1070 support would signal bearish channel breakdown and weaken towards 1.1061 near rising trendline, then 1.0992 (50% retracement of the 1.0519/1.1466 rise) which may contain losses. However, back above 1.1180 would signal scope for further gains towards 1.1261 (50% of the 1.1466/1.1061 fall). Above the latter would refocus on the recent 1.1466 high.
Outlook:
Short term: bearish
Long term: bearish