EUR/USD has broken the support at 1.3621(06/12/2013 low). Coupled with the falsebreakout of the key resistance area between1.3811 (11/12/2013 high) and 1.3832, a doubletopis likely underway. The implied downside riskis 1.3440. The short-term technical structure isnegative as long as prices remain below theresistance at 1.3677. A support stands at 1.3524(03/12/2013 low).
In the longer term, the recent false breakoutnear the key resistance area defined by 1.3811(11/12/2013 high) and the long-term decliningtrendline (around 1.3890) confirm a limitedupside potential. We favour a corrective phasetowards the 200 day moving average (around1.3330).
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MIG Bank