Forex Flash: EUR/USD targets 1.3270/56 - Commerzbank

Commerzbank analysts are witnessing a deeper corrective phase now: “We target the 1.3270/56 zone. This is the 16th Jan low and the 61.8% retracement, however there is potential for a slide back to the 1.3220 3 month support line”, wrote analyst Karen Jones, suspecting that there was a false break higher. “However key support remains the 1.3125 6 month uptrend and a close below here is required to negate the upmove completely”, she added, pointing to intraday rallies to find resistance at 1.3580/1.3600, while initial resistance is 1.3458.