EUR/USD has risen sharply after havingreached the 1.2500 psychological threshold. Anhourly resistance area can be found between1.2699 (02/10/2014 high) and 1.2715 (see also thedeclining channel). Another resistance lies at1.2816. An initial support now lies at 1.2605(intraday low).
In the longer term, EUR/USD is in a successionof lower highs and lower lows since May 2014.The break of the strong support area between1.2755 (09/07/2013 low) and 1.2662 (13/11/2012low) opens the way for a decline towards thestrong support at 1.2043 (24/07/2012 low).Intermediate supports are given by 1.2500(psychological support) and 1.2466 (28/08/2012low).
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