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EUR/USD Signals Medium-term Bearish Continuation

We saw the euro plunge last week after The ECB monetary policy meeting and press conference. The EUR/USD has been consolidating with a slight bullish tilt, but last week's price action put the bearish bias back int the technical picture. In fact if we look at the weekly chart, the bearish trend since at least June 2014 appears to be intact, and thus reflect the mode for the medium to long-term.

EUR/USD Weekly Chart 10/24


(click to enlarge)

1) Price action is at most bearish-neutral. However, the spike above 1.15 in August and the subsequent failure to reach above 1.15, suggest that bears are in charge. 
2) Price held under the 50-week simple moving average and thus below the 200- and 100-week SMAs as well. This reflects maintenance of the bearish bias.
3) The RSI held below 60, which reflects maintenance of the bearish momentum. 

With the noted bearish technical conditions, the price action cracking a consolidation pattern in the weekly chart signals a bearish continuation at least in the medium-term. Basically, the 2015-low around 1.0460 is now in sight for the rest of the year and into early 2016. It is probably time to consider shorting a short-term rally into the medium-term direction.