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(03/02/2014 low), confirming an underlyingdowntrend. Hourly resistances for a short-termrebound can be found at 1.3496 (intraday high)and 1.3513 (21/07/2014 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. Downside risks are given by 1.3379(implied by the double-top formation) and1.3210 (second leg lower after the rebound from1.3503 to 1.3700). A strong support stands at1.3296 (07/11/2013 low). A resistance lies at1.3549 (21/07/2014 high).
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