EUR/USD is bouncing. The hourly resistance at1.3621 has been breached. However, wecontinue to favour an eventual decline towards the support at 1.3503 as long as prices remainbelow the resistance at 1.3664 (03/07/2014 high). An hourly support can now be found at 1.3576.
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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