EUR/USD: Challenging a Key Resistance Area
EUR/USD rose sharply on Friday. Prices are now challenging the key resistance area between 1.3832 (25/10/2013 high, see also the long-term declining trendline) and 1.3893. Hourly supports can be found at 1.3727 (27/02/2014 high) and 1.3694 (28/02/2014 low).
In the longer term, we favour a broad horizontal range between 1.3296 (07/11/2014 low) and 1.3893 (27/12/2013 high). However, monitor the potential ascending triangle formation. Another strong resistance lies at 1.4247 (27/10/2011 high).