Flash: The outlook is bearish for EURUSD

FXstreet.com (London) - Analysts at Commerzbank have said that a retest of support at 1.2821/1.2796 is likely, this guards the 1.2740 April low and the 1.2679/61 long term Fibo.

They have sighted key short term resistance as being along the resistance line drawn from the February peak which is located at 1.3073. Above here would neutralise their immediate view but only an unexpected rise above the 1.3243 May high would negate their bearish outlook.