EUR/USD: Monitor The Resistance at 1.3915
EUR/USD has thus far failed to make any follow-through after the move above the strong resistance at 1.3893 (27/12/2013 high). A key resistance now lies at 1.3915. 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 1.3772, see also 50% retracement).
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).