EUR/USD is currently trading close to the38.2% retrace of the 1.3296 – 1.3893 rise. Scopeis seen for a fresh leg higher from the currentregion to retest the 1.3900 zone. Failure to findsupport here, followed by a break under 1.3543(05/12/2013) will warn of a larger downsidecorrective phase. In the meantime the bullishdaily structure remains.
Overbought conditions and other nearbyresistances such as the psychological thresholdat 1.4000, may help to contain the upside longerterm.
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MIG Bank