EUR/USD has so far slipped to an August low at 1.3179, close to the September 2012 high at 1.3173, while on its way to the 1.3105 September low and the psychological 1.3000 region, notes Commerzbank.
“Today the currency pair is likely to stabilise, however. Resistance comes in along the breached support line at 1.3279 and around 1.3333/36 with further resistance being seen along the three month downtrend line at 1.3404,” CB projects.
“While trading below here, downside pressure should be maintained,” CB adds.
In line with this view, CB runs a limit order to sell EUR/USD at 1.3335, with a stop at 1.3450, targeting 1.3110.
