EUR/USD weakened yesterday, breaking theshort-term rising trendline. Furthermore, thedeclining trendline still favours a bearish bias.Key supports stand at 1.3705 and 1.3643. Resistances can be found at 1.3847 (25/03/2014high, see also the declining trendline) and1.3876.
Today’s ECB meeting is likely to increaseintraday volatility.• 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