EUR/USD is extending downside for the 2nd consecutive session after upside was capped below strong trendline resistance. The major has breached 5-DMA support at 1.2033. Bias lower. Technical indicators on daily charts are turning bearish. RSI has shown a rollover from overbought levels and is biased lower, while Stochs are on the verge of a rollover. We find strong support for the major at 1H 200 SMA at 1.1983, break below to see weakness accentuate. Scope then for test of 20-DMA at 1.1898, breach there will see further downside. On the upside, breakout above 1.2090 will negate bearish bias.