EUR/USD has broken its short-term risingchannel after having stopped near the 38.2%retracement of its previous decline. A falltowards the support at 1.3503 is likely. An hourlysupport can be found at 1.3565 (20/06/2014 low). Hourly resistances now stand at 1.3621 (intradayhigh) and 1.3664 (03/07/2014 high).
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. A long-term downside risk at 1.3379(implied by the double-top formation) isfavoured as long as prices remain below theresistance at 1.3775. Key supports can be foundat 1.3477 (03/02/2014 low) and 1.3296(07/11/2013 low).
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