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EUR/USD - Double Top and Broken Support Factors

The EUR/USD has been in a sharp decline since last Thursday's ECB event risk.

(eurusd daily chart, 5/15)

Support Factors:
Today (5/15), EUR/USD fell further and broke a cluster of support factors:
1) Double top support at 1.3672,
2) 200-day simple moving average,
3) A rising trendline from Nov. 2013

Bearish Outlook:
The breakdown of these support factors suggests a bearish reversal, or at least a meaningful correction. The next 2 key support levels will be:

S1: 1.3475-80 (2014-low)
S2: 1.3290-95 (Nov, 2013-low)

The oscillators on the daily chart shows oversold condition, and we might anticipate some very short-term rebound as the week winds down - perhaps for some profit taking.

A pullback that fizzles for example below 1.38 would help build the case for the bearish outlook.

Also during the pullback, the daily RSI should not climb back above 60 if a bearish market is indeed developing.