EUR/USD has broken the support at 1.3508(see also the steeper rising trendline), openingthe way for a further decline towards the 200 daymoving average (around 1.3380). An initialresistance lies at 1.3510 (intraday high). An hourlyresistance stands at 1.3573 (31/01/2013 high). Ahorizontal support can be found at 1.3400.
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. The recent technicaldeteriorations favour a decline towards thesupport at 1.3296 (07/11/2013 low).
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MIG Bank