EUR/USD has bounced after having made significant new lows. Hourly resistances for a short-term countertrend move can now be found at 1.2456 (see also the declining trendline) and 1.2532 (26/11/2014 high). Hourly supports lies at 1.2361 (intraday low) and 1.2280.
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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