The single currency dropped by almost 300 pips during the previous 2 days trading versus US dollar as the pair EUR/USD declined from 1.3500 to 1.3200. Technical analysts at Commerzbank note that such fall worsened the short term outlook for euro.

The specialists note that the pair tried to consolidate above 1.1.3470/75 resistance area, but the bulls didn’t prove to be strong enough. As a result, euro’s target moved down to 200-day MA at 1.3107 and the recent minimum at 1.2970.

If EUR/USD manages to overcome 1.3475/00, it will get a chance to rise to the 55-day MA at 1.3

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