EUR/USD: Short-Term Symmetrical Triangle Favours a Bullish Bias
EUR/USD is consolidating after the break of the resistance at 1.3319. Next resistances can be found at 1.3434 (20/02/2013 high) and 1.3520. The short-term technical configuration remains positive as long as the support at 1.3266 (see also the short-term symmetrical triangle) holds. Another support can be found at 1.3178 (10/06/2013 low).
In the medium-term, the recent price action from 1.2746 (04/04/2013 low) is viewed as a corrective phase within a larger downtrend. However, the recent new highs above the resistance at 1.3319 (25/02/2013 high) indicates a persistent short-term buying interest. Another key resistance lies at 1.3520 (13/02/2013 high).