EUR/USD has seen a minor break into new lows for the year. 2014 low and more importantly closed below the 1.3476 previous low, notes Commerzbank.
“A negative bias will remain entrenched below the 1.3587 downtrend. Failure here suggests ongoing losses to the 1.3426 200 week ma en route to the 1.3295 November 2013 low,” CB projects.
“Above 1.3587 would delay our negative outlook for a deeper retracement to 1.3665/1.3700, while capped here a negative bias remain intact,” CB adds.
In line with this view, CB runs an active limit order to sell EUR/USD at 1.3490, with a stop at 1.3590
