EUR/USD continues to post lower highs sinceits high at 1.3739. An hourly support area nowstands between 1.3603 (29/01/2014 low) and1.3583 (22/01/2014 high). Another support lies at1.3508. Hourly resistances are at 1.3688(28/01/2014 high) and 1.3739 (24/01/2014 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 1.3370).
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MIG Bank