EUR/USD: Monitor The Key Resistance at 1.3906

By: MIG Bank | Tue, May 6, 2014
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EUR/USD continues to consolidate after its rise from 1.3673 (04/04/2014 low) to 1.3906 (11/04/2014 high). The technical structure remains supportive as long as the support at 1.3780 (09/04/2014 low) holds. Furthermore, Friday's intraday bullish reversal confirms a persistent buying interest. Monitor the key resistance at 1.3906. An hourly support can be found at 1.3859 (intraday low).

In the longer term, EUR/USD is still in a succession of higher highs and higher lows. However, the recent marginal new highs (suggesting a potential long-term rising wedge) indicate an exhausted rise. As a result, we see a limited upside potential, especially given the key resistance at 1.3967 (13/03/2014 high).

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Author: MIG Bank

MIG Bank

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