EUR/USD has broken the strong support areabetween 1.2755 and 1.2662, confirming anunderlying bearish trend. In the short-term,prices are trying to bounce. However, the hourlyresistance area given by 1.2715 (29/09/2014 high)and the short-term declining channel (around1.2764) remains intact thus far. An hourly supportlies at 1.2571 (30/09/2014 low).
In the longer term, EUR/USD is in a successionof lower highs and lower lows since May 2014.The break of the strong support area between1.2755 (09/07/2013 low) and 1.2662 (13/11/2012low) opens the way for a decline towards thestrong support at 1.2043 (24/07/2012 low).Intermediate supports are given by 1.2500(psychological support) and 1.2466 (28/08/2012low).
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