EURUSD slumped from the 1.1488/1.1494 (October 14/15, 2015 highs) to break below 7-month support (as shown on the ), signaling an end to the 7-month consolidation since the pair reached the 1.0419 YTD low (March 13, 2015). Further weakness open the 1.0807 support (July 20, 2015 low). Below there would accelerate the decline towards 1.0519 ( April 13, 2015 low) then possibly 1.0461. The channel breakdown projection is at 1.0214.
The 1.1139 (October 23, 2015 high) should cap any bounces. However, if bulls manage to push above 1.1139, it would offer relief and scope for a return to the 1.1235 tough .