EUR/USD’s bullish intraday reversal on 5 Junehas created a key support at 1.3503. In the shortterm,prices are moving sideways near this level. However, a short-term bearish bias is favouredas long as prices remain below the hourlyresistance at 1.3602 (10/06/2014 high). Anotherresistance stands at 1.3677 (06/06/2014 high).
Today’s FOMC meeting is likely to determinethe direction of the next short-term trend.
In the longer term, the break of the long-termrising wedge (see also the support at 1.3673)indicates a clear deterioration of the technicalstructure. The long-term downside risk impliedby the double-top formation is 1.3379. Keysupports can be found at 1.3477 (03/02/2014 low)and 1.3296 (07/11/2013 low).
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