EUR/USD continues to bounce after the test ofthe support at 1.3708. However, the decliningtrendline still favours a bearish bias. An hourlyresistance can be found at 1.3847 (25/03/2014high). Another resistance lies at 1.3876.
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