EUR/USD slipped through the 1.3336/33 support zone, a daily close below which has triggered further losses below the 1.3295 November 2013 low en route to the 1.3105 September low, notes Commerzbank.
“Minor resistance comes in around 1.3333/36 and more important resistance along the three month downtrend line at 1.3437. Only an unexpected daily chart close above the 1.3445 current August high would delay our overall negative outlook for a deeper retracement towards the June low at 1.3503 to take place,” CB adds.
“While EUR/USD remains below its July peak at 1.3701, our medium term negative bias will remain intact,” CB argues.
CB booked profit on its last EUR/USD short at 1.3340 and is currently flat on the pair.
