EUR/USD remains in a bullish rising trend whileabove the key low at 1.3549 (09/01/2014 low).From a very near-term perspective, providedprice can maintain a foothold over 1.3600, thiswould maintain short-term structure for a furtherimpulsive move above 1.3699 (14/01/2014 high).If a break under 1.3549 can be achieved, thiswould initiate the longer term scenariodescribed below.
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 gradual correctivephase towards the 200 day moving average(around 1.3330).
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MIG Bank