FXstreet.com (Barcelona) - Commerzbank analysts see the EUR/USD poised to reach long term resistance at 1.3485/1.3562 (2012 high, a double Fibonacci retracement, the 200 week moving average and the 55 MONTH moving average): “This is a tough band of resistance and we look for this to hold the topside and provoke failure”, wrote analyst Karen Jones, that has tightened the stop on remaining longs.

“Nearby support is 1.3250 – below here would leave the market vulnerable to a slide lower and heading back to the base of the channel at 1.3126”, she added, pointing also to key support at 1.3086 – the 6 month uptrend.

However, in case of a (not favored) close above 1.3562, there is very little resistance of note until 1.3833 (the 61.8% retracement of the move down from the 2011-2012 move).