EUR/USD has declined sharply after its bearishreversal near the key resistance at 1.3967. Thesupport at 1.3780 has been broken. A keysupport lies at 1.3673 (see also the rising wedge). Resistances for a short-term rebound are givenby 1.3812 (02/05/2014 low) and 1.3871 (intradayhigh).
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. A break of the keysupport at 1.3643 (27/02/2014 low) is needed toconfirm a long-term bearish trend reversal.
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