EUR/USD made an intraday bullish reversalnear the key support at 1.3503 (see also thelong-term rising trendline from the July 2012low) on Friday. However, the subsequent bounceis thus far unimpressive. Hourly resistances canbe found at 1.3562 (15/07/2014 low) and 1.3581.
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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