EUR/USD - Declining Towards its Recent Lows
EUR/USD has declined sharply near the resistance area between 1.2577 (04/11/2014 high) and 1.2600, indicating renewed selling pressures. A support stands at 1.2247. Hourly resistances can now be found at 1.2373 (intraday high) and 1.2423 (intraday high).
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).