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EUR/USD: Significant Top Likely In Place

EUR/USD declined sharply yesterday, breaking both the key support at 1.3651 and the shortterm rising trendline. A further decline towards the strong support area defined by 1.3462 and the rising channel (see also the 38.2% retracement) is expected. Hourly resistances can be found at 1.3656 (intraday high) and 1.3716 (intraday high).

In the longer term, the sharp decline below the support at 1.3651 from deep overbought conditions suggests that a significant top has likely been made at 1.3832 (25/10/2013 high). A break of the strong support at 1.3462 (see also the rising channel) would confirm the start of a new phase of weakness.

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