Technical analysts at Commerzbank say that as the single currency didn’t manage to overcome the 1.3750/85 resistance area, it must have formed a top at 1.3861.

The specialists expect the pair EUR/USD to fall towards the 55-day MA at 1.3348 and the 200-day MA at 1.3104. In their view, negative outlook will be confirmed if euro closes the day below 1.3570. Until it happens the rate may continue consolidating below 1.3785.



Chart. H4 EUR/USD

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