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EUR/USD Cracks Trendline and Tests 1.27

The EUR/USD rallied in October from 1.25 to 1.2887. Since then price has traded sideways. Yesterday, it failed to breach a common resistance just under 1.2850 and fell back towards 1.27. 

EUR/USD 4H Chart 10/22(click to enlarge)

The 1.27 area is key. Given some elbow space there are several support factors here. A break below 1.2680 would clear below the 4H 200-, 100-, and 50-period SMAs, October's rising trendline, and the RSI will likely clear below 40 to show loss of bullish momentum. 

The break below 1.2680 would be a bearish continuation signal, and open up first the 1.25 low, with risk of falling further because the prevailing downtrend is int

If price pulls back up after a break below 1.2680, it should hold below 1.2750 in a bearish market.