EURUSD: Grinding higher

Tuesday, October 15, 20130 comments

EUR/USD continues to retrace its decline, which started on 3 October at 1.3646. The resistance implied by the declining trend line has been broken. Resistances now stand at 1.3607 and 1.3646. An hourly support can be found at 1.3523 (intraday low). Another support lies at 1.3486 (09 October 2013 low).

In the longer term, a move towards the resistance at 1.3711 (01 February 2013 high) is expected as long as the support at 1.3462 holds. 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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