EUR/USD - Challenging its Long-Term Rising Trendline
EUR/USD is close to the key support at 1.3503 (see also the long-term rising trendline from the July 2012 low). An initial resistance now lies at 1.3540 (17/07/2014 high). Hourly resistances can be found at 1.3562 (15/07/2014 low) and 1.3581 (intraday 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. A long-term downside risk at 1.3379 (implied by the double-top formation) is favoured as long as prices remain below the resistance at 1.3700. Key supports can be found at 1.3477 (03/02/2014 low) and 1.3296 (07/11/2013 low).