EUR/USD - The Key Resistance at 1.2577 is Intact
EUR/USD moved higher towards the key resistance area between 1.2577 and 1.2600 yesterday. The short-term upside potential is likely limited by these resistances. Hourly supports are given by the short-term rising trendline (around 1.2450) and 1.2415.
Tonight's FOMC meeting can add some shortterm volatility.
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).