Forex Flash: EUR/USD expected to fail at 1.3150 – Commerzbank

FXstreet.com (Barcelona) - The EUR/USD continues to be expected to fail at 1.3150, an interim peak (Elliott wave count and TD perfection set-up), “and we look for the resumption of the down move”. Commerzbank are, however, unable to rule out another retest of the 1.3150/1.3225 zone prior to the swing lower. “We suspect loss of the 12th April low at 1.5036 should be enough to de-stabilize the chart near term. Intraday the market should then find initial support circa 1.2995/47 and the 200 day ma at 1.2917 en route to the 1.2740 recent low”, wrote analyst Karen Jones, pointing to key support at 1.2679/61 (61.8% Fibonacci retracement of the July-to-January rise and the November 2012 low) and longer term target at 1.2400 and then 1.2042, the 2012 low.