FXstreet.com (Barcelona) - Commerzbank analysts are more cautious today as they “note the TD perfection setup on the daily chart and the divergence of the 240 minute RSI and we would allow for a near term rebound ahead of further losses”, supporting cuts in at 1.2635.

“Rallies would be regarded as a correction only and we remain overall negative - last week the market broke down from a symmetrical triangle, which offers a downside measured target to 1.2483”, wrote analyst Karen Jones, adding 1.2472 (61.8% retracement of the move up from July), but initial support at 1.2605.