EURUSD: Challenging its previous low at 1.3742

Wednesday, October 30, 20130 comments

EUR/USD weakened yesterday, confirming some exhaustion in buying interest. The support at 1.3742 is challenged. Another support stands at 1.3651 (21 October 2013 low). A resistance lies at 1.3832.

The medium-term remains positive as long as the support at 1.3651 holds. However, the increasing overbought conditions and the key resistance area given by the long-term declining trendline (around 1.3970) and the psychological threshold at 1.4000 should put a cap to the medium-term upside potential.
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