EUR/USD: Approaching Strong Resistance Area
EUR/USD has broken its declining trendline and is now approaching the strong resistance area between 1.2876 and 1.2894. An hourly support is at 1.2814 (intraday low).
The break to the downside out of the consolidation from mid-September to November (see triangle) calls for further weakness towards the support at 1.2431 as long as prices remain below the aforementioned strong resistance area.
The long-term trend is negative (see declining trendline linking the May 2011 high with the August 2011 high on a daily chart).