EUR/USD: Challenging its Recent Lows
EUR/USD remains in a short-term bearish technical structure as long as prices stay below the resistance at 1.3650 (27/05/2014 high, see also the declining trendline). Monitor the test of the hourly support at 1.3586. Another support stands at 1.3562 (12/02/2014 low), whereas another resistance lies at 1.3734 (19/05/2014 high).
In the longer term, the break of the long-term rising wedge (see also the support at 1.3673) indicates a clear deterioration of the technical structure. The long-term downside risk implied by the double-top formation is 1.3379. Key supports can be found at 1.3477 (03/02/2014 low) and 1.3296 (07/11/2013 low).