EURUSD : Bouncing

Saturday, October 12, 20130 comments

EUR/USD is bouncing. The initial resistance is at 1.3539 which is a previous support is challenged. Other resistances are given by the declining trend line which is around 1.3577 and 1.3607. An initial support can be found at 1.3486 (09/10/2013 low), while a key support is at 1.3462. 

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 trend line (around 1.4000) should put a cap to the medium-term upside potential.

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