EUR/USD has moved sharply higher. However, the failure to break the declining channel and the subsequent fall indicate persistent selling pressures. Hourly resistances can be found at 1.0919 (intraday high) and 1.1043 (18/03/2015 high). Hourly supports are given by the rising trendline (around 1.6027) and 1.0552 (17/03/2015 low).
In the longer term, the symmetrical triangle favours further weakness towards parity. As a result, any strength is likely to be temporary in nature. Strong resistances stand at 1.1114 (05/03/2015 low) and 1.1534 (03/02/2015 high). Key supports can be found at 1.0504 (21/03/2003 low) and 1.0000 (psychological support).
Daily Technical Report
