FXstreet.com (Barcelona) - Commerzbank analysts say that despite having failed on its initial test of the 23.6% Fib of the move seen in 2012, at 1.2391, there is room for a “slightly deeper corrective phase” as long as the EUR/USD holds above 1.2115 near term. However, the longer term bias is bearish: “Provided the rebound is capped by 1.2546/1.2748 we will continue to maintain an overall longer term negative bias”, wrote analyst Karen Jones, considering the market to be upside corrective while above the 1.2115 level.