EUR/USD has weakened near the hourlyresistance at 1.2901. The hourly support at1.2706 (see also the rising channel) is challenged.Another hourly support can be found at 1.2625(15/10/2014 low), while a key support stands at1.2501. An hourly resistance lies at 1.2845(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).
Given yesterday’s move, we need to work on anew short strategy.
Read the full report: Technical Research