EURUSD : Daily Chart EURUSD continues to decline on the daily chart and currently testing the key support at 1.2274. The gains are limited even if it rises from this support as there is a long falling resistance trend line which will again resist the pair in rising further. 50 day SMA also seems like acting as resistance on the chart. For the pair to revive the bullish trend on the chart, it have to break above the resistance trend line. EURUSD : Hourly Chart On the hourly chart, the pair seems like following a very short term falling wedge and might break above it. However there is another falling resistance trend line apart from that of wedge, which will prevent the pair in declining further. Although a breakout may occur from this resistance trend line as well because it will also form a falling wedge if combined with the support trend line of the previous one. The moving averages on the chart continues to signal a downtrend continuation and if the pair is able to break above this trend line it will find resistance from 50 day SMA.