EUR/USD successfully tested the strongsupport at 1.3643 (see also the 200 day movingaverage) yesterday. However, a break of theinitial resistance at 1.3732 is needed to confirm ashort-term exhaustion of the selling pressures. Other resistances can be found at 1.3775(12/05/2014 high) and 1.3845 (09/05/2014 high).Another support lies at 1.3562 (12/02/2014 low).
In the longer term, EUR/USD has broken itslong-term rising trendline, indicating a cleardeterioration of the underlying bullishmomentum. A break of the key support areabetween 1.3673 (04/04/2014 low) and 1.3643(27/02/2014 low) is needed to confirm a longtermbearish trend reversal (see potentialdouble-top).
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