EUR/USD has broken the support at 1.3621(06/12/2013 low). Coupled with the falsebreakout of the key resistance area between1.3811 (11/12/2013 high) and 1.3832, a doubletopis likely underway. The implied downside riskis at 1.3440. Supports stand at 1.3524 and 1.3490(25/11/2013 low). The short-term technicalstructure is negative as long as prices remainbelow the resistance at 1.3677. In the longer term, the recent false breakoutnear the key resistance area defined by 1.3811(11/12/2013 high) and the long-term decliningtrendline (around 1.3890) confirm a limitedupside potential. We favour a corrective phasetowards the 200 day moving average (around1.3325).
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MIG Bank