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EUR/USD - Heading Lower

EUR/USD remains in a downtrend channel. The technical structure is clearly negative. The pair lies above 1.0600. Hourly support is given at 1.0617 (18/11/2015). Hourly resistance can be found at 1.0763 (19/11/2015 high). Stronger resistance stands at 1.0897 (05/11/2015 high). Expected to show consolidation of the pair.

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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