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Forex Flash: EUR/USD may return to 1.3067 - Commerzbank

FXstreet.com (Barcelona) - After the Monday drop to 1.2882, close to the 200 day moving average, now at 1.2875, the EUR/USD is back near the 1.3000 mark and Commerzbank analysts believe this can extend: “This may well be bettered today with the two month downtrend channel resistance line at 1.3067 then being eyed. This should cap, though”, wrote analyst Karen Jones, retaining a medium term bearish forecast while 1.3107 Friday high caps on a daily New York closing basis.

“Below 1.2875 our downside target remains to be seen at 1.2679/61. This is where the 61.8% Fibonacci retracement of the July-to-January rise and the November 2012 low meet”, she added, pointing to 1.2400 and then 1.2042, the 2012 low, on the longer term.

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