EUR/USD continues to struggle after its Fridayintraday bearish reversal near the resistance at1.3699. Hourly supports stand at 1.3625 (intradaylow, see also 50% retracement) and 1.3583(22/01/2014 high). Resistances can be found at1.3739 (24/01/2014 high) and 1.3819 (30/12/2013high).
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 1.3360).
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MIG Bank