EUR/USD continues to move within the horizontal range between the support at 1.2358 and the resistance at 1.2577. However, the recent failure to break the declining trendline favours a bearish bias. The resistance given by this trendline is now near 1.2510. The hourly support implied by the 61.8% retracement (1.2425) is challenged.
In the longer term, EUR/USD is in a downtrend since May 2014. The break of the strong support area between 1.2755 (09/07/2013 low) and 1.2662 (13/11/2012 low) has opened the way for a decline towards the strong support at 1.2043 (24/07/2012 low). A key resistance stands at 1.2632.
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