EUR/USD is in an underlying downtrend.However, the last two days have displayed largelower shadows, indicating potential short-termexhaustion in selling pressures near the hourlysupport at 1.3367. A break of the initialresistance at 1.3415 is needed to suggest apickup in buying interest. Hourly resistances canbe found at 1.3444 (28/07/2014 high) and 1.3485(24/07/2014 high).
In the longer term, EUR/USD is in a successionof lower highs and lower lows since May 2014.The downside risk implied by the double-topformation (1.3379) has been met. However,another downside risk is given by 1.3210 (secondleg lower after the rebound from 1.3503 to1.3700). A strong support stands at 1.3296(07/11/2013 low). A key resistance lies at 1.3549(21/07/2014 high).
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