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EUR/USD: Digesting It's Recent Sharp Rise

EUR/USD's technical pattern still indicates a short-term corrective phase as long as the support at 1.3452 (previous resistance, see also the rising trendline and the 50%retracement) holds. An initial support lies at 1.3480 (23/09/2013 low, see also 38.2% retracement). A resistance stands at 1.3569 (19/09/2013 high).

The breakout above the strong resistance at 1.3417, following the 50% retracement of the rise from 1.2755 (09/07/2013 low) at 1.3105, suggests a medium-term bullish momentum. A move towards the strong resistance at 1.3711 is likely.

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 put a cap to the medium-term upside potential.

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