EUR/USD: Broader Consolidation Favoured
EUR/USD has broken the hourly resistance at 1.3602 (10/06/2014 high). A short-term rise towards the resistance at 1.3677 (see also the 38.2% retracement) is favoured as long as the hourly support at 1.3584 (19/06/2014 low) holds. A key support stands at 1.3503. An hourly resistance now lies at 1.3644 (19/06/2014 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).