EUR/USD is close to the key support at 1.3503(see also the long-term rising trendline from theJuly 2012 low). An initial resistance now lies at1.3540 (17/07/2014 high). Hourly resistances canbe found at 1.3562 (15/07/2014 low) and 1.3581(intraday high).
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 1.3700. Key supports can be foundat 1.3477 (03/02/2014 low) and 1.3296(07/11/2013 low).
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