EUR/USD: Grinding Higher
EUR/USD continues to grind higher after having successfully tested its recent low at 1.3296 (see also the 50% retracement). A resistance stands at 1.3548 (see also the broken rising channel). Hourly supports can be found at 1.3419 (14/11/2013 low, see also the short-term rising trendline) and 1.3390 (13/11/2013 low).
In the longer term, the decisive break of the strong support at 1.3462 (see also the rising channel) confirms that a significant top at 1.3832 has likely been made and favours the start of a new phase of weakness. A gradual decline towards the key support at 1.3105 (06/09/2013 low) is likely.