EUR/USD made a bullish intraday reversal on 5June. However, the lack of follow-through andthe current deep retracement suggest persistentselling pressures. Resistances can be found at1.3677 and 1.3734 (19/05/2014 high). Hourlysupports now lie at 1.3583 (09/06/2014 low) and1.3503 (05/06/2014 low).
In the longer term, the break of the long-termrising wedge (see also the support at 1.3673)indicates a clear deterioration of the technicalstructure. The long-term downside risk impliedby the double-top formation is 1.3379. Keysupports can be found at 1.3477 (03/02/2014 low)and 1.3296 (07/11/2013 low).
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