EUR/USD has broken the support at 1.3692,validating a short-term double-top with animplied target at 1.3611. Monitor the hourlysupport at 1.3657 (see also 38.2% retracement). Another support lies at 1.3562. An hourlyresistance now stands at 1.3702 (21/02/2014 low).Another resistance is at 1.3773.
In the longer term, we favour a broadhorizontal range between 1.3296 (07/11/2014low) and 1.3893 (27/12/2013 high). The recentweakness and the overbought conditionssuggest that downside risks currently outweighupside potentials.
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MIG Bank