Forex Flash: EUR/USD targets 1.3270/56 and may have topped - Commerzbank

Commerzbank analysts believe the current rebound should terminate circa 1.3472/1.3518 (50% retracement of the recent sell off) and continue targeting 1.3270/56: “This is the 16th Jan low and the 61.8% retracement, however there is potential for a slide back to the 1.3246 3 month support line”, wrote analyst Karen Jones, suspecting “that the market may well have topped, however key support remains the 1.3164 7 month uptrend and a close below here is required to negate the up move completely”. Commerzbank analysts point to recovery above 1.3570 to neutralize the immediate outlook and potentially re-target the 1.3711 February high.