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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