It took a circuitous route, but EUR/USD managed to extend its declines, falling below the 1.3520 level and triggering another round of stop-loss sell orders. Traders already report central banks buying in the low 1.35-teens.
With the market structurally short EUR/USD these days, losses are going to be tougher and tougher to sustain. Be prepared to job (buy back a partial position…sell it out on rallies, repeat…) the market to improve your average or set generous topside stops,because just sitting with shorts looks like it will try the patience of most.