Commerzbank re-trails the stops on its short EUR/USD to 1.3780. The trade entered at 1.3955 with a target at 1.35.
“EUR/USD’s outlook is negative and we continue to suspect that intraday rallies will remain capped by 1.3734/ 40 for further losses. We should then see the currency pair slide back towards the 200 day moving average at 1.3632 and then the 1.3476 2014 low en route to the 2012-2014 uptrend at 1.3397,” Commerzbank projects.
“While below 1.3820 there will be no impact on the chart and above here would allow for a deeper retracement to 1.3862 but no more than 1.3920,” Commerzbank adds.
