EUR/USD: Declining Sharply

By: MIG Bank | Mon, May 12, 2014
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EUR/USD has declined sharply after its bearish reversal near the key resistance at 1.3967. The support at 1.3780 has been broken. A key support lies at 1.3673 (see also the rising wedge). Resistances for a short-term rebound are given by 1.3812 (02/05/2014 low) and 1.3871 (intraday high).

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. A break of the key support at 1.3643 (27/02/2014 low) is needed to confirm a long-term bearish trend reversal.

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Author: MIG Bank

MIG Bank

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