EUR/USD continues to consolidate after its risefrom 1.3673 (04/04/2014 low) to 1.3906(11/04/2014 high). The technical structureremains supportive as long as the support at1.3780 (09/04/2014 low) holds. Furthermore,Friday’s intraday bullish reversal confirms apersistent buying interest. Monitor the keyresistance at 1.3906. An hourly support can befound at 1.3859 (intraday low).
In the longer term, EUR/USD is still in asuccession of higher highs and higher lows.However, the recent marginal new highs(suggesting a potential long-term rising wedge)indicate an exhausted rise. As a result, we see alimited upside potential, especially given the keyresistance at 1.3967 (13/03/2014 high).
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