EUR/USD - Trying to Bounce

By: MIG Bank | Mon, Jan 19, 2015
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EUR/USD has broken the key support at 1.1640 and has moved below the psychological support at 1.1500. As a result, the recent strength is seen as a temporary rebound. Hourly resistances can be found at 1.1649 and 1.1747 (intraday high). An hourly support now lies at 1.1460.

In the longer term, the break of the strong support area between 1.2043 (24/07/2012 low) and 1.1877 (07/06/2010 low) confirms the underlying bearish trend. The long-term symmetrical triangle favours further significant weakness. Key supports can be found at 1.1000 (psychological support) and 1.0765 (03/09/2003 low), whereas a key resistance stands at 1.2252 (25/12/2014 high).

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MIG Bank

Author: MIG Bank

MIG Bank

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