EUR/USD has broken to upside out of itshorizontal range defined by 1.3503 and 1.3677. The short-term bullish momentum is intact aslong as the hourly support at 1.3651 (previousresistance) holds. Resistances now stand at1.3734 and 1.3775.
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. A long-term downside risk at 1.3379(implied by the double-top formation) isfavoured as long as prices remain below theresistance at 1.3775. Key supports can be foundat 1.3477 (03/02/2014 low) and 1.3296(07/11/2013 low).
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