EUR/USD surged higher yesterday and is nowchallenging the strong resistance area between1.3832 (25/10/2013 high, see also the long-termdeclining trendline) and 1.3893. An initialsupport lies at 1.3825 (28/02/2014 high), while anhourly support can be found at 1.3708(05/03/2014 low).
In the medium-term, the potential ascendingtriangle formation hints at further upsidepotential towards 1.4368. A psychologicalresistance lies at 1.4000, while a key resistancelies at 1.4247 (27/10/2011 high). A break of thesupport at 1.3643 is needed to invalidate thecurrent medium-term bullish bias.
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MIG Bank