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EUR/USD is upside corrective short term - Commerzbank

FXStreet (Łódź) - Karen Jones, analyst at Commerzbank, suggests that EUR/USD is staging a correction to the upside, but the rally is short-term and should fail at the 1.2955/1.3100 band.

Key quotes

"The market remains under pinned short term by a near term support line at 1.2693, and while above here a near term upside bias remains."

"Loss of 1.2693 should be enough to cast attention back to the 1.2500/1.2460 supports (recent low and 78.6% retracement)."

"Current position: Holding tiny long 1.2758. Recommended trade:. add 1.2710, raise stop from 1.2670 to 1.2690. Exit 1.2950."

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