Looks like a wedge pattern forming on the hourly EUR/USD chart and this is generally a continuation pattern. In other words, more downside is favoured in the short term. Major technical support is at 1.3480 which is the 61.8% retracement of the 1.2450/1.5140 rally. There is further chart support behind there at 1.3410/20. This support band looks like it will be critical for medium term movements in the EUR/USD.
On the order front, talk of a decent sized barrier at 1.3550.
