EUR/USD fell to a new low on the year this week, following last week's FOMC announcement to end QE. EUR/USD 1H Chart 11/5(click to enlarge)The 1H EUR/USD chart shows that price rallied earlier in the week, but has fallen below this flag consolidation pattern. Price has returned below the 200-, 100-, and 50-hour SMAs, and the 1H RSI has tagged 30 again. This shows revival of bearish bias and momentum in the 1H chart. However EUR/USD might have trouble breaking below the currernt low of 1.2440 ahead of the ECB monetary decision and statement tomorrow. After the ECB risk, if EUR/USD can hold below 1.25, forgiving some intra-session breach above, then pressure should remain on 1.2440. A break below 1.2440 should open up the 1.24 handle in the near-term. In this scenario, the prevailing downtrend would be intact, and there is risk of falling further.EUR/USD Weekly Chart 11/5(click to enlarge)The weekly chart shows support in the 1.2285-1.23 area, then the 1.2042, 2012-low. With the weekly RSI in oversold levels, we should expect buyers above 1.2042. A more meaningful consolidation/correction can be anticipated here.