EUR/USD has broken its resistance at 1.3393, opening the way for a move towards the resistance at 1.3520 (13/02/2013 high). Monitor the resistance implied by the short-term declining trendline. Hourly supports can be found at 1.3382 (intraday low) and 1.3306 (15/02/2013 low).

In the bigger multi-week time frame we note that the higher low in July 2012 (compared to July 2010) and the recent new high above the strong resistance at 1.3487 (24/02/2012 high) indicates an improvement in the underlying trend. A move towards 1.3791 (measured move implied by the 1.2043 to 1.3172 rise from the retracement at 1.2662) is favoured as long as the rising channel starting from 1.2043 is intact.

Daily Technical Report