EUR/USD declined sharply yesterday,breaching the key support at 1.3834. However,the support implied by the rising channel(around 1.3804) is intact. A resistance for a shorttermrebound stands at 1.3880. Another supportcan be found at 1.3708.
In the medium-term, the recent sharp declinecoupled with general overbought conditions callfor caution. A break of the rising channel wouldinvalidate the ascending triangle formation andwould open the way for further weakness. A keysupport stands at 1.3643 (27/02/2014 low).
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