EUR/USD continues to consolidate close to therecent 1.3832 high. Strong resistance isexpected close to current levels. However, if abreak over 1.3832 can be achieved this wouldopen up a return to the 1.4000 region. Whilebelow this key high we continue to favour areturn to weakness. In the longer term, the decline from the peakat 1.3832 (25/10/2013 high) indicates a significantexhaustion of the buying interest. Coupled withoverbought conditions and other nearbyresistances such as the long-term decliningtrendline from the 2008 peak at 1.6038 (around1.3917) and the psychological threshold at1.4000, the upside potential is likely limited.
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MIG Bank