EUR/USD is consolidating after its steepdecline. Despite yesterday’s break of the hourlyresistance at 1.2716 (10/10/2014 high), priceshave thus far failed to make any higher high. Aresistance stands at 1.2816. Hourly supports canbe found at 1.2651 (intraday low) and 1.2584(07/10/2014 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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