EUR/USD has risen sharply, moving above theresistance a 1.3845. However, the failure to holdabove this level suggests a potential falsebreakout. A resistance now lies at 1.3876. Aninitial support can be found at 1.3825 (intradayhigh). Other supports stand at 1.3749 and1.3643. Another resistance is at 1.3948(17/03/2014 high).
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