EUR/USD rebounded after moving below the support at 1.1754 yesterday. However, the shortterm succession of lower highs (see declining trendline) continues to favour a bearish bias. Hourly resistances can be found at 1.1846 (14/01/2015 high) and 1.1871. An hourly support lies at 1.1727 (14/01/2015 low), while a more significant support stands at 1.1640.
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 1.1640 (15/11/2005) and 1.0765 (03/09/2003 low), whereas a key resistance stands at 1.2252 (25/12/2014 high).