EUR/USD has breached the strong support at1.3643 (see also the 200 day moving average),but has thus far failed to hold below it. However,the technical structure is negative as long asprices remain below the resistance at 1.3734(19/05/2014 high). Another resistance can befound at 1.3775 (12/05/2014 high), whereasanother support lies at 1.3562 (12/02/2014 low).
In the longer term, EUR/USD has broken itslong-term rising trendline (see also the supportat 1.3673), indicating a clear deterioration of theunderlying bullish momentum. A decisive breakof the key support at 1.3643 (27/02/2014 low) isneeded to confirm a long-term bearish trendreversal (potential double-top).
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