EUR/USD is consolidating near the strong support at 1.3643 (see also the 200 day moving average). Monitor the hourly horizontal range between 1.3619 and 1.3669 (27/05/2014 high). A bearish bias is favoured as long as prices remain below the resistance at 1.3734 (19/05/2014 high). Another support lies at 1.3562 (12/02/2014 low).
In the longer term, the break of the long-term rising wedge (see also the support at 1.3673) indicates a clear deterioration of the technical structure. We favour a further gradual decline towards the support at 1.3477 (03/02/2014 low). A decisive break of the key support at 1.3643 (27/02/2014 low) would confirm such scenario.
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