EUR/USD moved sharply higher yesterday,breaking its declining trendline. A break of theresistance at 1.3699 would open the way forfurther strength towards the resistance at 1.3819. Hourly supports can be found at 1.3625 (intradaylow) and 1.3583 (22/01/2014 high).
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) suggest a limitedupside potential. We favour a gradual correctivephase towards the 200 day moving average(around 1.3350).
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MIG Bank