EUR/USD continues to move within the horizontal range defined by the support at 1.2358 and the resistance at 1.2577. However, as long as prices remain below their declining trendline (around 1.2500), a bearish bias is favoured. An hourly support now lies at 1.2419 (01/12/2014 low).
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) calls 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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