EURUSD: Testing the key support area around 1.3462

Monday, November 4, 20130 comments

EUR/USD has declined sharply and is now challenging the key support area defined by 1.3462 and the rising channel (see also the 38.2% retracement). A short-term bounce is likely. Hourly resistances can be found at 1.3567 (intraday high) and 1.3590 (01 November 2013 high).

In the longer term, the sharp decline below the support at 1.3651 from deep overbought conditions suggests that a significant top has likely been made at 1.3832 (25 October 2013 high). A decisive break of the strong support at 1.3462 (see also the rising channel) would confirm the start of a new phase of weakness.
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