EUR/USD continues to rebound after its successful test of the support at 1.2358. The hourly resistance at 1.2504 (20/11/2014 low) has been broken. Resistances are now given by the declining trendline (around 1.2534) and 1.2577. An hourly support can be found at 1.2444 (26/11/2014 low, see also the rising trendline).
In the longer term, EUR/USD is in a downtrend since May 2014. The break of the strong support area between 1.2755 (09/07/2013 low) and 1.2662 (13/11/2012 low) has opened the way for a decline towards the strong support at 1.2043 (24/07/2012 low). A key resistance stands at 1.2632.
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