EUR/USD has fallen as low as 1.3363 on EBS in early New York trade after tripping stop-loss sell orders at 1.3385.
1.3346 is the next area of support with more in the low 1.3320s. These are very minor supports, to be sure, with 1.3265/70 area the next substantial area of support for the single currency. 1.3400 is resistance on rebounds.
Bids are lining up at the 1.3350 level, we’re told, but we’ve also heard talk of small central bank sales near the 1.3400 level earlier in the morning. That is a clear shift in the wind, if you ask me, and a very bearish sign for EUR/USD if it has lost the willingness of central banks to buy every dip.
