EUR/USD has faded near the resistance at1.2901. Monitor the hourly support at 1.2706(16/10/2014 low, see also the rising channel).Another hourly support lies at 1.2625 (15/10/2014low). An initial resistance can now be found at1.2845 (16/10/2014 high).
In the longer term, EUR/USD is in a downtrendsince May 2014. The break of the strong supportarea between 1.2755 (09/07/2013 low) and 1.2662(13/11/2012 low) has opened the way for adecline towards the strong support at 1.2043(24/07/2012 low). As a result, the recent strengthin EUR/USD is seen as a countertrend move. Akey resistance stands at 1.2995 (16/09/2014 high).
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