EUR/USD is trying to bounce from its oversolddecline. However, the hourly resistance at 1.2988(05/09/2014 high) has held thus far. A break ofthe hourly support at 1.2860 would signal theresumption of the underlying downtrend.Another hourly resistance can be found at 1.3110(02/09/2014 low).
In the longer term, EUR/USD is in a successionof lower highs and lower lows since May 2014.The break of the key support at 1.3105(06/09/2013 low) opens the way for a declinetowards the strong support area between 1.2755(09/07/2013 low) and 1.2662 (13/11/2012 low). Akey resistance lies at 1.3221 (28/08/2014 high).
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