EUR/USD - Persistent Selling Pressures in Place
EUR/USD has made new lows, confirming persistent short-term selling pressures. Hourly supports lies at 1.2352 (intraday low) and 1.2280. Hourly resistances for a short-term countertrend move can now be found at 1.2303 and 1.2452 (see also the declining trendline).
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) calls for a decline towards the strong support at 1.2043 (24/07/2012 low). A key resistance stands at 1.2600 (19/11/2014 high).