Downside pressure builds.
• EUR/USD has broken the key resistance at
1.0679 (02/16/2017 high). Hourly support can be
found at 1.0570 (intraday low). Stronger support
can be found at 1.0494 (22/02/2017 low).
Resistance can be located at a distant 1.0658
(07/07/2017 reaction high). Expected to see
further short-term weakness.
• In the longer term, the death cross late
October indicated a further bearish bias. The
pair has broken key support given at 1.0458
(16/03/2015 low). Key resistance holds at 1.1714
(24/08/2015 high). Expected to head towards
parity.
(By Peter Rosenstreich)
