EUR/USD remains in a corrective phase after itsfailed attempt to break the resistance at 1.3832(25/10/2013 high), as can be seen by the recentlower lows. Monitor the bounce attempt nearthe support at 1.3524. Hourly resistances standat 1.3583 (16/01/2014 low) and 1.3650(16/01/2014 high, see also the decliningtrendline). Other supports can be found at1.3490 and 1.3400.
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 1.3350).
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MIG Bank