Eur/usd Breaks Support

The pair broke below the 1.3800 level. A sustained break of this level points to a further decline in the rate as indicated by the topping pattern. So far the pair has managed to stay above the 1.3750 level which is a rising trend line support area.

A move below 1.3740 indicates an initial move to 1.3680. Beyond this support is likely at 1.3640 and the 1.3600 area.

A pullup could occur, finding resistance by 1.3850, 1.3885-1.3890 and beyond that 1.3915.

The bias has shifted to short-term bearish for the pair, but a daily close below 1.3750 would provide more confirmation of this.

By: forexpros

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