EUR/USD - Edging Lower
EUR/USD is now weakening. Hourly resistance lies at 1.1218 (10/03/2016 high). Hourly support can be located a 1.1078 (14/03/2016 low). Expected to show further consolidation.
In the longer term, the technical structure favours a bearish bias as long as resistance holds. Key resistance is located region at 1.1453 (range high) and 1.1640 (11/11/2005 low) is likely to cap any price appreciation. The current technical deteriorations favours a gradual decline towards the support at 1.0504 (21/03/2003 low).