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). (full story)