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EUR/USD – Strong Bounce

EUR/USD has bounced near the key support support at 1.1160 (rising trendline). A further decline towards the support at 1.1123 favoured as long as prices remain below the resistance at 1.1288 (declining trendline). Strong support can be found at 1.1046 (05/08/2016 low).

In the longer term, the technical structure favours a very long-term bearish bias as long as resistance at 1.1714 (24/08/2015 high) holds. The pair is trading in range since the start of 2015. Strong support is given at 1.0458 (16/03/2015 low). However, the current technical structure since last December implies a gradual increase.

Daily Technical Report

 

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