EUR/USD continues to decline and is now challenging the key support at 1.1640. As long as prices remain below the hourly resistance at 1.1747 (intraday high), the short-term bearish momentum is intact. Another hourly resistance can be found at 1.1846 (14/01/2015 high). A
psychological support lies at 1.1500.
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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