EUR/USD has broken the support at 1.3508.Despite the current lack of follow-through, wefavour a bearish bias as long as prices remainbelow the resistance at 1.3573 (31/01/2013 high,see also the steep declining trendline). Supportscan now be found at 1.3477 and 1.3400 (see alsothe 200 day moving average). Another hourlyresistance stands at 1.3617 (intraday high).
In the longer term, the false breakout near thekey resistance area defined by 1.3811(11/12/2013 high) and the long-term decliningtrendline (around 1.3890) suggest a limitedupside potential. The recent technicaldeteriorations favour a gradual decline towardsthe support at 1.3296 (07/11/2013 low).
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MIG Bank