EURUSD broke below a 3-day rising wedge support to suggest a lower ceiling at 1.1230 (September 8, 2015 high) could be in place, offering scope for further weakness towards 1.1211 (September 7, 2015 low) then the range support at 1.1086 (September 3, 2015 low). Below would extend the current downleg from the 1.1713 spike high (August 24, 2015) to open 1.1016 (August 18, 2015). However, back above the 1.1230 ceiling would improve the bias to neutral and improve the outlook for a 1.1331 retest (September 1, 2015 high).
Outlook:
Short term: bearish
Long term: neutral
