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EUR/USD About Faced from 1.40 to Below 1.38

After the ECB even risk yesterday, the EUR/USD went up to almost 1.40, and then was heavily sold off. This sell-off continued throughout the 5/9 session so far, and the pair is now trading below 1.38, at a low from 2 week's ago at 1.3767. 


(eurusd 5/9, 4H chart)

We might get a some intra-session support here with the oscillators oversold in the 4H chart. However, there is further downside risk toward the next support pivo tat 1.3672, which is reinforced by the 200-day SMA, and a rising trendline from Nov. 2013.


(eurusd 5/9, daily chart)

The EUR/USD might be bearish now in the short-term, but unless if breaks below 1.3670, the medium term mode is still bullish or bullish - neutral (consolidation). Below 1.3670, the next pivot would be 1.3475-80.