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EUR/USD - Moving Higher

EUR/USD is setting higher lows. We consider that we are in a short-term upside momentum. Hourly resistance lies at 1.1714 (24/08/2015 high). Hourly support can be found at 1.1236 (27/08/2015 low).

In the longer term, the symmetrical triangle from 2010-2014 favored 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). We have broken the resistance at 1.1534 (03/02/2015 reaction high). We are entering an upside momentum.

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