EUR/USD failed last Friday to move below therecent low at 1.3296 (see also the 50%retracement), increasing the odds of a shorttermbounce. Resistances can be found at 1.3449(05/11/2013 low) and 1.3548. Another supportlies at 1.3230 (10/09/2013 low).• In the longer term, the decisive break of thestrong support at 1.3462 (see also the risingchannel) confirms that a significant top at 1.3832has likely been made and favours the start of anew phase of weakness. A gradual declinetowards the key support at 1.3105 (06/09/2013low) is likely.
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MIG Bank