EUR/USD is bouncing within its underlyingdowntrend. Monitor the hourly resistance at1.3444 (28/07/2014 high). A key resistance areastands between 1.3485 (24/07/2014 high) and1.3503 (see also the 38.2% retracement and thedeclining trendline). A support can be found at1.3367.
In the longer term, EUR/USD is in a successionof lower highs and lower lows since May 2014.The downside risk is given by 1.3210 (second leglower after the rebound from 1.3503 to 1.3700).A strong support stands at 1.3296 (07/11/2013low). A key resistance lies at 1.3549 (21/07/2014high).
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