EUR/USD continues to retrace its decline, which started on 3 October at 1.3646. The resistance implied by the declining trend line is challenged. Another resistance is at 1.3607. An initial support can be found at 1.3523 which is 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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