EURUSD - Bearish momentum suggests scope for downside

EURUSD 1.1202 – bearish – Bearish momentum suggests scope for downside

EURUSD reversed sharply lower off last Friday’s 1.1460 high (September 18, 2015 high) to break below the 2-week rally from the 1.1089 low (September 4, 2015) and 1.1213 (September 16, 2015 low/200 day moving average), suggesting topping near term. Further weakness below Monday’s 1.1181 intraday low (September 21, 2015, near 76.4% of the 1.1086/1.1460 rise) would weaken towards 1.1131/1.1086 (September 9/3, 2015 lows). However, if bulls manage to reclaim the 1.1330 high (September 21, 2015) quickly, that would negate the bearish scenario and stabilize the pair for 1.1460.
Outlook:
Intraday: bearish
Daily: bearish
Weekly: bearish