EUR/USD has broken the support at 1.3576,confirming a bearish bias. A further short-termdecline towards the key support at 1.3503 islikely. An hourly resistance lies at 1.3587 (intradaylow), while a key resistance now stands at 1.3651. An hourly support can be found at 1.3536(17/06/2014 low).
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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