EUR/USD has broken the resistance at 1.3573 (31/01/2013 high, see also the steep declining trendline), opening the way for further shortterm strength. Hourly resistances are given by the declining channel (around 1.3664) and 1.3688. Hourly supports can be found at 1.3551 (50% retracement of yesterday's rise) and 1.3535 (intraday high).

In the longer term, the key resistance area between 1.3832 (25/10/2013 high) and 1.3893 (27/12/2013 high, see also the long-term declining trendline) is likely to cap any price appreciation. The current declining channel favours a gradual decline towards the support at 1.3296 (07/11/2013 low).

Daily Technical Report