EUR/USD is consolidating after Thursday’sdecline. A bearish bias is favoured as long asprices remain below the resistance at 1.3664(03/07/2014 high). An hourly support stands at1.3576, while a key support lies at 1.3503. Anhourly resistance can be found at 1.3651(10/07/2014 high, see also the 61.8%retracement).
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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