EURUSD: Grinding higher

Monday, October 28, 20130 comments

EUR/USD has broken the key resistance at 1.3711 (01 February 2013 high), opening the way for a move towards the key resistances given by the long-term declining trend line (around 1.3968) and 1.4000 (psychological threshold). Supports can be found at 1.3742 (23 October 2013 low) and 1.3651 (21 October 2013 low). An initial resistance lies at 1.3832.

The medium-term bullish momentum remains strong as can be seen by the fresh multi-month highs. 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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