The EUR/USD found resistance a couple of weeks ago, and has been falling sharply during the previous one. It is starting this week below a rising trendline and the 200-, 100-, and 50-period SMAs in the 4H chart. It appears to have turned the corner from a month-long rally. EUR/USD 4H Chart 5/25(click to enlarge)The 4H chart shows the break below key support factors, opening up the 1.0520 April low, and the March and 2015 low at 1.0462. The breakout is not clear yet, and as we start the week on a holiday, we might see a rebound. . EUR/USD 1H Chart 5/25(click to enlarge) The 1H chart shows a bearish drift as we get into the Memorial Day session. There is a bullish divergence, which reflects the slowed momentum. A break above 1.1008 might trigger a bullish correction. If this is the case (a rally above 1.1008), we can expect a test of the 1.1043 level as a conservative bullish correction outlook. We should limit the bullish outlook to the 1.11 area, which would represent the upper support area of a previous consolidation and possibly a falling trendline coming down from 1.1466. A break above 1.11 will be needed to revive a bullish outlook. Let's not put too much weight on what happens today, but look at whether the market will start anchoring below the 1.10-1.11 area. If it does, the 1.0462-1.0520 area will be back in sight.