Technical analysts at Commerzbank note that although the single currency recovered versus the greenback from Monday's minimum at 1.3505 rising above 1.3600, the general outlook for the pair EUR/USD remained negative.

According to the bank, euro set an interim top at 1.3860 and is poised to fall to 1.3336 on its way lower to 200-day MA 1.3095. The fact that the pair has formed the near-term top will close below the support area of 1.3570/40. At the same time, euro’s advance will be limited by the interim resistance at 1.3650/85.



Chart. Daily EUR/USD

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