EUR/USD declined further yesterday and isnow close to the key support at 1.3673 (see alsothe wedge formation). Given the recent sharpdecline, a short-term phase of stabilisation islikely. Resistances can be found at 1.3775(12/05/2014 high) and 1.3845 (09/05/2014 high).
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 area between 1.3673 (04/04/2014 low)and 1.3643 (27/02/2014 low) is needed to confirma long-term bearish trend reversal (see potentialdouble-top).
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