Forex Flash: EUR/USD targets 1.2679/61 short term - Commerzbank

The EUR/USD rebounds remain tepid and blocking the upside is 1.3135, keeping the market directly offered. "Initial support is 1.2914 (55 week ma) and then 1.2885/76 – the 7th December low and 78.6% retracement. These represent the next key supports and break down points. We would allow them to hold the initial test", wrote analyst Karen Jones.

Commerzbank analysts' short term downside target remains at 1.2679/61 (61.8% retracement of the move up from July 2012 and the November 2012 low), while on the longer term they target 1.2400 then 1.2050/42 (2012 low).