EUR/USD has thus far failed to break theresistance area between 1.3677 and 1.3687(10/01/2014 high, see also the 38.2%retracement). However, the short-term technicalstructure favours further strength as long as thesupport at 1.3633 (09/01/2014 high) holds.Another resistance stands at 1.3775 (02/01/2014high), whereas another support is at 1.3549(09/01/2014 low).
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 gradual correctivephase towards the 200 day moving average(around 1.3330).
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MIG Bank