EUR/USD: Making New Lows
EUR/USD has breached the support at 1.3749, confirming persistent short-term selling pressures. An hourly support lies at 1.3708, while a key support stands at 1.3643. An initial resistance is at 1.3779 (intraday high). A key resistance can be found at 1.3876 (see also the declining trendline).
In the medium-term, the break of the support at 1.3834 (11/03/2014 low, see also the rising channel) coupled with general overbought conditions favour a move lower towards the support at 1.3643. The recent high at 1.3967 is likely to act as a strong resistance.