EUR/USD has bounced near the key support at1.3621 (see also the rising trendline). A shorttermbearish bias is favoured as long as pricesremain below the hourly resistance areabetween 1.3709 (13/12/2013 low) and 1.3723(17/12/2013 low). An initial support stands at1.3666 (intraday low).
In the longer term, the decline from the peakat 1.3832 (25/10/2013 high) indicates a significantexhaustion of buying interest. Coupled withoverbought conditions and other nearbyresistances such as the long-term decliningtrendline from the 2008 peak at 1.6038 (around1.3917) and the psychological threshold at1.4000, the upside potential seems limited.
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MIG Bank