EUR/USD has moved above the hourly resistance at 1.1649, but has failed to hold above it. Hourly resistances can now be found at 1.1679 (21/01/2015 high, see also the declining trendline) and 1.1747 (intraday high). An hourly support lies at 1.1546 (19/01/2015 low). Another
support stands at 1.1460.
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 1.1000 (psychological support) and 1.0765 (03/09/2003 low), whereas a key resistance stands at 1.2252 (25/12/2014 high).
The ECB meeting today is expected to put pressure on EUR/USD. We have removed our strategy.
Read the full report: Technical Research