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Forex Flash: EUR/USD on course for 1.2679/61 - Commerzbank

The EUR/USD maintains a negative bias after consolidating below its 200-day MA in the past few days. “It remains on course for 1.2679/61, this is the 61.8% Fibonacci retracement of the July-to-January rise and the November 2012 low meet. We would allow this to hold the initial test and allow for some profit taking here”, wrote analyst Karen Jones, pointing to a directly offered market while below the 1.2949 resistance line. “Longer term we target the 78.6% Fibonacci retracement at 1.2400 and then 1.2042, the 2012 low. The 1.2949 resistance line guards last week’s high at 1.3050 which in turn guards 1.3100/80 – while capped here a negative bias is entrenched”, he added.
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