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EUR/USD - Weak Bounce Thus Far

EUR/USD bounced yesterday. However, the resistance implied by the 38.2% retracement (1.0718) has held thus far. As a result, a further decline towards the support at 1.0458 remains favoured. An hourly support now lies at 1.0521 (13/04/2015 low). Another resistance stands at 1.0888.

In the longer term, the symmetrical triangle favours further weakness towards parity. As a result, any strength is likely to be temporary in nature. A strong resistance stands at 1.1114 (05/03/2015 low). Key supports can be found at 1.0504 (21/03/2003 low) and 1.0000 (psychological support).

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