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EUR/USD - Heading Lower

EUR/USD has broken the support at 1.1050 (05/06/2015 low). Hourly resistance lies at 1.1436 (18/06/2015 high). Stronger resistance is given at 1.1459 (15/05/2015 high). Hourly support lies at 1.0868 (28/05/2015 low). We expect the pair to stabilize below 1.1100.

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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