EUR/USD has broken the resistance at 1.3573(31/01/2013 high, see also the steep decliningtrendline), opening the way for further shorttermstrength. Hourly resistances are given bythe declining channel (around 1.3664) and1.3688. Hourly supports can be found at 1.3551(50% retracement of yesterday’s rise) and 1.3535(intraday high).
In the longer term, the key resistance areabetween 1.3832 (25/10/2013 high) and 1.3893(27/12/2013 high, see also the long-termdeclining trendline) is likely to cap any priceappreciation. The current declining channelfavours a gradual decline towards the support at1.3296 (07/11/2013 low).
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