EURUSD Declining Below 1.1000

Declining below 1.1000.

• EUR/USD has broken hourly support at 1.1070
(04/02/2016 low) and is now holding below it. The
short-term technical structure still suggests a
further bearish move. Hourly resistance lies at
1.1139 (19/02/2016 high). Expected to decline.

• In the longer term, the technical structure
favors 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 deterioration favors a gradual
decline towards the support at 1.0504
(21/03/2003 low).

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