EUR/USD has bounced after having posted new lows. However, as long as prices remain below the hourly resistance at 1.2456 (see also the declining trendline), the technical structure favours a short-term bearish bias. Another resistance can be found at 1.2532. Hourly
supports now lie at 1.2341 (intraday low) and 1.2247.
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).
Read the full report: Technical Research