Fading within its rising channel.
• EUR/USD has broken to the upside out of its horizontal range defined by 1.3503 and 1.3677. However, the lack of follow-through and the breach of the support at 1.3651 suggest a weakening buying interest. Hourly supports can be found at 1.3629 (38.2% retracement, see also the rising channel) and 1.3565 (20/06/2014 low). Resistances stand at 1.3700 (01/07/2014 high) and 1.3734.
• 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. A long-term downside risk at 1.3379 (implied by the double-top formation) is favoured as long as prices remain below the resistance at 1.3775. Key supports can be found at 1.3477 (03/02/2014 low) and 1.3296 (07/11/2013 low).
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