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EUR/USD - Heading Higher

EUR/USD is still trading between the hourly resistance at 1.1006 (29/05/2015 high) and the support at 1.0868 (28/05/2015 low). Stronger support can be found at 1.0820 (27/04/2015 low) while upper resistance is given at 1.1217 (19/05/2015 high).

In the longer term, the symmetrical triangle from 2010-2014 favors further weakness towards parity. As a result, we view the recent sideways moves as a pause in an underlying declining trend. Key supports can be found at 1.0504 (21/03/2003 low) and 1.0000 (psychological support). Break to the upside would suggest a test of resistance at 1.1534 (03/02/2015 reaction high).

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