EUR/USD: Moving Below the Support at 1.3705
EUR/USD has breached the support at 1.3705, confirming an underlying downtrend since the peak at 1.3967. Another key support stands at 1.3643. Resistances can now be found at 1.3753 (02/04/2014 low) and 1.3820.
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.