EUR/USD has resumed its underlying downtrend by breaking to the downside out of its consolidation phase between 1.2358 and 1.2600. Hourly resistances can be found at 1.2358 (previous support) and 1.2391 (03/12/2014 high).
The ECB meeting can add some intraday volatility.
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 1.2600 (19/11/2014 high).
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