EUR/USD is trying to bounce near the key support at 1.1877 (07/06/2010 low). However, the short-term buying interest is thus far weak as can be seen by the current failure to move above the initial resistance at 1.1976 (intraday high). Hourly resistances are given by 1.2007 (05/01/2015 high) and 1.2110 (intraday high).
In the longer term, EUR/USD is in a downtrend since May 2014. The strong support area between 1.2043 (24/07/2012 low) and 1.1877 (07/06/2010 low) is challenged. The technical structure favours an eventual break lower. Other key supports can be found at 1.1640 (15/11/2005) and 1.0765 (03/09/2003 low). A key resistance stands at 1.2252 (25/12/2014 high).
Read the full report: Technical Research