EUR/USD has thus far successfully tested the support at 1.1754, suggesting a potential shortterm double-bottom formation. However, a break of the hourly resistances at 1.1871 is needed to confirm such scenario. Another hourly resistance lies at 1.1976. A key support stands at 1.1640.
In the longer term, the break of the strong support area between 1.2043 (24/07/2012 low) and 1.1877 (07/06/2010 low) confirms the underlying bearish trend. The long-term symmetrical triangle favours further significant weakness. Key supports can be found at 1.1640 (15/11/2005) and 1.0765 (03/09/2003 low), whereas a key resistance stands at 1.2252 (25/12/2014 high).
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