EUR/USD: Surging Higher Through Its Summer Peaks
EUR/USD have broken the strong resistance area between 1.3417 (19/06/2013 high) and 1.3452 (20/08/2013 high), opening the way for a further short-term rise towards the strong resistance at 1.3711. Hourly supports can be found at 1.3501 (intraday low) and 1.3452 (previous resistance).
The breakout above the strong resistance at 1.3417, following the 50% retracement of the rise from 1.2755 (09/07/2013 low), suggests a medium-term bullish momentum.
In the long-term, the resistance area implied by 1.3711 (01/02/2013 high) and the long-term declining trendline (around 1.4000), associated with increasing overbought conditions, is likely to cap the medium-term upside potential.