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MIG Bank

MIG Bank

MIG BANK, formerly known as MIG INVESTMENTS, was established in Neuchatel, Switzerland as an online Forex broker and in 2009 became the world's 1st Forex…

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EUR/USD: Weakening

EUR/USD continues to weaken, confirming some exhaustion in buying interest. A key support stands at 1.3651 (21/10/2013 low, see also the shorter term rising trendline). Hourly resistances lie at 1.3739 (intraday high) and 1.3785 (30/10/2013 high).

The medium-term remains positive as long as the support at 1.3651 holds. However, the increasing overbought conditions and the key resistance area given by the long-term declining trendline (around 1.3970) and the psychological threshold at 1.4000 should put a cap to the medium-term upside potential.

Daily Technical Report

 

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