EUR/USD continues to bounce after havingposted a new lower low at 1.3509. Hourlyresistances are given by the declining trendline(around 1.3620) and 1.3650 (16/01/2014 high). Another resistance lies at 1.3699. Supports canbe found at 1.3509 and 1.3490.
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