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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 - Challenging its Long-Term Rising Trendline

EUR/USD is close to the key support at 1.3503 (see also the long-term rising trendline from the July 2012 low). An initial resistance now lies at 1.3540 (17/07/2014 high). Hourly resistances can be found at 1.3562 (15/07/2014 low) and 1.3581 (intraday high).

In the longer term, the break of the long-term rising wedge (see also the support at 1.3673) indicates a clear deterioration of the technical structure. A long-term downside risk at 1.3379 (implied by the double-top formation) is favoured as long as prices remain below the resistance at 1.3700. Key supports can be found at 1.3477 (03/02/2014 low) and 1.3296 (07/11/2013 low).

Daily Technical Report

 

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