EUR/USD has failed to break the hourlyresistance at 1.2988 (05/09/2014 high). Thesubsequent marginal new lows confirm anunderlying downtrend. A key support stands at1.2755.
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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