EUR/USD - Hits Two-Year Low
EUR/USD has declined further to its support at 1.2247. Hourly resistances for a temporary recovery bounce can be found at 1.2375 (intraday high, previous support) and 1.2423 (19/12/2014 high, see also the 50% retracement).
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). As a result, the recent low at 1.2247 is expected to be eventually broken. A key resistance stands at 1.2600 (19/11/2014 high).