EUR/USD recovery bounce was short lived suggesting persistent selling pressure. The short-term technical structure is negative as long as prices remain below the hourly resistance at 1.2036 (11/01/2017 low). Next key support and resistance are now given at 1.1560 (07/112017 low) and 1.2323 (17/01/2018 high).
In the longer term, the momentum is turning largely negative. We favor a continued bearish bias. Key resistance is holding at 1.2886 (15/10/2014 high) while strong support lies at 1.1554 (08/11/2017 low).
