EUR/USD has broken the key support areadefined by 1.3503 (see also the long-term risingtrendline from the July 2012 low) and 1.3477,confirming an underlying downtrend. Hourlyresistances can be found at 1.3513 (21/07/2014low) and 1.3549 (21/07/2014 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. A strong support stands at1.3296 (07/11/2013 low).
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