EUR/USD has failed to hold over 1.3459. This now suggests scope for a larger corrective phase lower. • Strong supports are given by 1.3257 and by the low of the rising channel. Hourly resistances can be found at 1.3429 (08/02/2013 high) and 1.3494 (06/02/2013 low). • In the bigger multi-week time frame we note that the higher low in July 2012 (compared to July 2010) and the recent new high above the strong resistance at 1.3487 (24/02/2012 high) indicates an improvement in the underlying trend. A move towards 1.3791 (measured move implied by the 1.2043 to 1.3172 rise from the retracement at 1.2662) remains likely. A ... (full story)