EUR/USD: Grinding Higher
EUR/USD continues to move towards the high of its horizontal range defined by 1.3503 and 1.3677. Monitor the test of the hourly resistance at 1.3644/1.3651. An hourly support lies at 1.3565 (20/06/2014 low, see also the 61.8% retracement).
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).