EUR/USD made an intraday bearish reversallast Friday near the resistance at 1.3699, whichfavours short-term caution. Hourly supportsstand at 1.3625 (intraday low) and 1.3583(22/01/2014 high). Resistances can now be foundat 1.3739 (24/01/2014 high) and 1.3819(30/12/2013 high).
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) suggest a limitedupside potential. We favour a gradual correctivephase towards the 200 day moving average(around 1.3360).
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MIG Bank