The single currency tumbled to a 3-month low of 1.4369 after triggering stops below 1.4480, 1.4450 and 1.4400 levels on talk of year-end demand together with S&P put about 1.46 trillion euros of covered bonds on negative credit watch, suggesting decline from this year's high of 1.5145 to retrace medium-term upmove (possibly from intermediate level of 1.2885) to 1.4282, however, oversold condition should limit downside to 1.4048 and bring rebound later.  
  
On the upside, only a breach of 1.4503 (previous support, now resistance) would signal temporary low is made and bring correction to 1.4540/50, however, 1.4586/91 resistance area is expected to remain intact.