EUR/USD has broken the resistance at 1.2509,favouring a longer rebound. The resistance at1.2577 has held thus far. Another resistance canbe found at 1.2632. Hourly supports stand at1.2492 (13/11/2014 high) and 1.2395 (11/11/2014low).
In the longer term, EUR/USD is in a downtrendsince May 2014. The break of the strong supportarea between 1.2755 (09/07/2013 low) and 1.2662(13/11/2012 low) has opened the way for adecline towards the strong support at 1.2043(24/07/2012 low). A key resistance stands at1.2886 (15/10/2014 high).
Our short position has been stopped.
Read the full report: Technical Research