EUR/USD: Break Back Over 1.3345 Anticipated
EUR/USD continues to look bullish in the short and medium-term time frames. With this in mind a retest of the recent high at 1.3345 (31/07/2013) is anticipated. However, if a break under 1.3166 (25/07/2013 low) can be realised then this would lead us to change our current bullish bias.
Should further upside be seen, we do expect to see strong resistance close to 1.3417, thus upside potential is likely limited.
In the longer-term, EUR/USD does not exhibit a clear trend. As we eventually expect to see prices moving below the key support at 1.2662 (13/11/2012 low), we continue to favour a medium-term bearish bias.