EUR/USD declined sharply yesterday and isnow close to its support at 1.3508 (see also thesteeper rising trendline). An initial resistance liesat 1.3559 (intraday high). An hourly resistancenow stands at 1.3617 (intraday 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 1.3380).
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MIG Bank