Forex Flash: EUR/USD may test minor resistance at 1.3075 today – Commerzbank

FXstreet.com (Barcelona) - Minor resistance around the 1.3075 March 12 high stands to be tested today, according to Commerzbank analysts, expecting 1.3107/40 (March 15, December 5 and January 8 highs) to cap the last few days’ advance. “Should this not be the case, the 55 day moving average at 1.3238 may still be reached before renewed downside is being seen”, wrote analyst Karen Jones.

Eventually, Commerzbank will get back to the 200 day moving average at 1.2882 and this week’s low at 1.2844 and, longer term, to 1.2679/61 (61.8% Fibonacci retracement of the July-to- January rise and the November 2012 low). “Still longer term we target the 78.6% Fibonacci retracement at 1.2400 and then 1.2042, the 2012 low”, she added.