EUR/USD fell yesterday after US GDP data impressed. GDP in Q3 was revised to an annual rate of 5.0%, much higher than the 3.9% estimate, and the 4.6% in Q2. Since marking a new low on the year at 1.2165, EUR/USD consolidated and made a slight bullsih attempt back to 1.22. (EUR/USD 1H Chart, 12/24) As we started the 12/24 US session, there was a bullish attempt that was rejected immediately. The market respected the 50-hour SMA and a falling speedline. Meanwhile, the 1H RSI held below 60, showing maintenance of the prevailing bearish momentum. With the bearish outlook intact, even in the near-term, EUR/USD looks poised to fall back towards the 1.2165 low, with risk of breaking lower. At this point, a break above 1.2250 will be needed to introduce a consolidation/ bullish correction scenario for the short-term. Otherwise, the bearish outlook remains, and has the 1.2042, 2012-low in sight, as we can see on the weekly chart. (EUR/USD Weekly Chart)It should be noted that on the weekly chart, the RSI does seem a bit oversold. However, the bearish signals overwhelm any bullish ones. Last week was a bearish engulfing candle, and there is a negative reversal signal - when the RSI makes a higher high, but price makes a lower corresponding high.Thus we should expect some more room to fall. But if price gets in the 1.20-1.2050 area, we should start giving oversold and bullish divergence signals as well as price bottoming action more respect.