EUR/USD: False Bullish Breakout at 1.3893?
EUR/USD completely reversed yesterday's strength, warning of a potential false breakout of the strong resistance at 1.3893. However, the short-term technical configuration remains positive as long as the support at 1.3834 (11/03/2014 low) holds. Another support is given by the rising channel (around 1.3761). A resistance can now be found at 1.3967 (13/03/2014 high).
In the medium-term, the ascending triangle formation favours a further upside potential towards 1.4368. A key resistance lies at 1.4247 (27/10/2011 high), whereas a key support is at 1.3643 (27/02/2014 low).