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EUR/USD: Bounce is Weakening
EUR/USD has thus far failed to hold above its resistance at 1.2790 (09/11/2012 high). The technical configuration is negative as long as prices remain below the resistance area between 1.2876 and 1.2894. An hourly support is at 1.2718 (15/11/2012 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.
The long-term trend is negative (see declining trendline linking the May 2011 high with the August 2011 high).