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EUR/USD: Moving Sideways

EUR/USD is moving within its horizontal range defined by the key support at 1.3462 and the resistance at 1.3607. A break of the initial resistance at 1.3568 (16/10/2013 high) would invalidate the recent succession of lower highs and improve the short-term technical configuration. Another resistance is at 1.3607.

In the longer term, a move towards the resistance at 1.3711 (01/02/2013 high) is expected as long as the support at 1.3462 holds. However, the increasing overbought conditions and the other key resistance given by the longterm declining trendline (around 1.4000) should put a cap to the medium-term upside potential.

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