EUR/USD significantly weakened yesterday,suggesting a pickup in selling pressures. A breakof the hourly support at 1.3552 would open theway for a further decline towards the support at1.3477. An hourly resistance stands at 1.3683 (seealso the declining trendline).
Monitor the medium-term horizontal rangebetween the support at 1.3477 and theresistance 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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