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EUR/USD - Breaking 1.0700

EUR/USD has set a new hourly support at 1.0675 (10/11/2015 low). Hourly resistance lies at 1.0897 (05/11/2015 high). The technical structure is clearly negative. Stronger resistance stands at 1.1095 (28/10/2015 high). Nonetheless we still expected a retracement of the pair above 1.0800 as it seems there are still some buying interest pressures.

In the longer term, the technical structure favours a bearish bias as long as resistance holds. Key resistance is located region at 1.1453 (range high) and 1.1640 (11/11/2005 low) is likely to cap any price appreciation. The current technical deteriorations favours a gradual decline towards the support at 1.0504 (21/03/2003 low).

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