EUR/USD bounced sharply yesterday,invalidating the short-term double-topformation. Hourly resistances now stand at1.3727 (intraday high, see also the 61.8%retracement) and 1.3773. An initial support lies at1.3694 (intraday low). Other supports are at1.3643 and 1.3562.
In the longer term, we favour a broadhorizontal range between 1.3296 (07/11/2014low) and 1.3893 (27/12/2013 high). Theoverbought conditions suggest that downsiderisks mostly outweigh upside potentials.
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MIG Bank