Forex Flash: EUR/USD targets 1.2679/61 – Commerzbank

The EUR/USD closed the week below the 1.3202 7 month uptrend to add confirmation of the bearish signal: “We have an initial downside target to 1.2679/61, this is the 61.8% retracement of the move up from July 2012 and the November 2012 low”, wrote analyst Karen Jones, pointing to initial support at 1.3075/3, the 38.2% retracement of the same move. “Near term rebounds should find that the previous 3 month trendline should now act as resistance at 1.3317 and the outlook will stay negative below 1.3435”, she concluded.