EUR/USD has made a bullish intraday reversalnear the key support area between 1.3673 (seealso the long-term wedge formation) and 1.3643(see also the 200 day moving average). However,a break of the initial resistance at 1.3732 isneeded to confirm a short-term exhaustion ofthe selling pressures. Other resistances can befound 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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