• EUR/USD is bouncing after having successfully tested its recent low at 1.3296 (see also the 50% retracement). The resistance at 1.3449 (05/11/2013 low) is challenged. Another resistance stands at 1.3548. An initial support is given by the rising trendline (around 1.3376).
• In the longer term, the decisive break of the strong support at 1.3462 (see also the rising channel) confirms that a significant top at 1.3832 has likely been made and favours the start of a new phase of weakness. A gradual decline towards the key support at 1.3105 (06/09/2013 low) is likely.
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MIG Bank