EUR/USD has broken the key support areadefined by 1.3503 (see also the long-term risingtrendline from the July 2012 low) and 1.3477(03/02/2014 low), confirming an underlyingdowntrend. The bounce is thus far unimpressive,as prices remain near their recent lows. Hourlyresistances can be found at 1.3485 (24/07/2014high) and 1.3513 (21/07/2014 low).
In the longer term, EUR/USD is in a successionof lower highs and lower lows since May 2014.Downside risks are given by 1.3379 (implied bythe double-top formation) and 1.3210 (secondleg lower after the rebound from 1.3503 to1.3700). A strong support stands at 1.3296(07/11/2013 low). A resistance lies at 1.3549(21/07/2014 high).
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