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EUR/USD - Approaching Support at 1.0916

EUR/USD is still trading between hourly resistance at 1.1278 (29/06/2015 high) and hourly support at 1.0916 (07/07/2015 low). Stronger resistance lies at 1.1436 (18/06/2015 high). The short-term downside momentum is likely to continue.

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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