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EUR/USD - Bullish Momentum is Strong

EUR/USD has breached the resistance at 1.1043 (27/04/2015 high) confirming persistent short-term buying pressures. The break of channel resistance indicates an improving shortterm technical configuration. A key resistance stands at 1.1245 (27/02/2015). Hourly supports can be found at 1.114 (05/03/2015) and 1.1043 (18/03/2015)

In the longer term, the symmetrical triangle from 2010-2014 favours further weakness towards parity. As a result, we view the recent sideways moves as a pause in an underlying declining trend. 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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