The single currency went up from Monday’s minimums versus US dollar in the 1.3430 area rising to the levels near 1.3600. However, technical analysts at Commerzbank claim that as long as the pair EUR/USD is trading below the 20-day MA at 1.3645, its move will be regarded as a correction.

The specialists believe that euro will fail somewhere between the mentioned MA and last week’s maximum at 1.3745. According to them, the European currency is likely to fall down to the 1.3378/61 region limited by the 55-day MA and the 50% Fibonacci retracement of the 2011 move. Below this level EUR/USD will slump to the 200-day MA at 1.3122.



Chart. Daily EUR/USD

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