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EUR/USD: Recent Low Has Thus Far Held

EUR/USD has thus far successfully tested the support area defined by 1.3462 and the rising channel (see also the 38.2% retracement). An hourly resistance can be found at 1.3590 (01/11/2013 high). Another resistance stands at 1.3651 (previous support).

Today's ECB meeting should lead to increased intraday volatility.

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 decisive break of the strong support at 1.3462 (see also the rising channel) would confirm the start of a new phase of weakness. Another key support lies at 1.3105 (06/09/2013 low).

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