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EUR/USD: Making New Highs
EUR/USD has decisively broken the resistance at 1.3569 (19/09/2013 high), opening the way for a move towards the key resistance at 1.3711. An initial support lies at 1.3577 (intraday high). Another support stands at 1.3505 (02/10/2013 high).
In the longer term, a move towards the resistance at 1.3711 (01/02/2013 high) is expected. However, the increasing overbought conditions and the other key resistance given by the long-term declining trendline (around 1.4000) should put a cap to the medium-term upside potential.