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MIG Bank

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: Bearish Breakout at 1.3462

EUR/USD has broken the support area defined by 1.3462 and the rising channel (see also the 38.2% retracement), confirming that a significant top at 1.3832 has likely been made. However, yesterday's reversal suggests persistent shortterm buying interest, suggesting that a shortterm bearish flag formation is unlikely. The shortterm technical structure is negative as long as prices remain below the resistance at 1.3548. An initial resistance lies at 1.3449 (05/11/2013 low). A support is at 1.3296 (intraday low).

In the longer term, the decisive break of the strong support at 1.3462 (see also the rising channel) confirms the start of a new phase of weakness. A gradual decline towards the key support at 1.3105 (06/09/2013 low) is likely.

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