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EUR/USD Attacking the 2014-Low

After consolidating for a couple of sessions, the EUR/USD is falling toward the 2014-low. 

(eurusd daily chart 7/22)
- The daily RSI tagged 30 and has since held below 60, reflecting development of bearish momentum.
- The RSI still has room before falling to 30, so as the 2014-low comes under attack, traders don't see an oversold market yet based on the daily RSI.
- Price has held below the 200-. 100- .50-day simple moving averages in the daily chart. 
- A rising trendline from July 2012 was broken.

- The 200-week SMA resides at 1.3425. This could be be the first stop after a break down of the 2014-low.
- The next key support pivot would be the Nov. 2013 low at 1.3295-1.33. 
- Since a break down of the 2014-low will start a reversal against a 2-year rally, 38.2% retracement is not an over-aggressive expectation. With that being said, the downside risk in 2014, below 1.3476 will be the 1.3250 level.

(eurusd weekly chart 7/22)