The short-term rising channel has been broken.
• EUR/USD has broken its short-term rising channel after having stopped near the 38.2% retracement of its previous decline. A fall towards the support at 1.3503 is likely. An hourly support can be found at 1.3565 (20/06/2014 low). Hourly resistances stand at 1.3643 (02/07/2014 low) and 1.3700 (01/07/2014 high).
• In the longer term, the break of the long- term rising wedge (see also the support at 1.3673) indicates a clear deterioration of the technical structure. A long-term downside risk at 1.3379 (implied by the double-top formation) is favoured as long as prices remain below the resistance at 1.3775. Key supports can be found at 1.3477 (03/02/2014 low) and 1.3296 (07/11/2013 low).
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