EUR/USD has broken the support implied byits rising channel, invalidating the uptrend inplace since February. The short-term technicalstructure is negative as long as prices remainbelow the resistance at 1.3845 (20/03/2014 high). Supports can be found at 1.3708 (05/03/2014low) and 1.3643.
In the medium-term, the break of the supportat 1.3834 (11/03/2014 low, see also the risingchannel) coupled with general overboughtconditions favour a move lower towards thesupport at 1.3643. The recent high at 1.3967 islikely to act as a strong resistance.
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MIG Bank