EUR/USD weakened yesterday close to theresistance at 1.3685 (50% retracement), makingan intraday bearish reversal. A break of thehourly support at 1.3609 would negate the shorttermpositive structure. Another hourly supportlies at 1.3552. A key resistance stands at 1.3739.
In the longer term, we favour a broadhorizontal range between 1.3296 (07/11/2014low) and 1.3893 (27/12/2013 high) with a bearishbias. As a result, a gradual decline towards thelow of this range is favoured. A first key supportis given by the 200 day moving average (around1.3396).
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MIG Bank