FXstreet.com (Barcelona) - The EUR/USD is drifting lower but, according to Commerzbank analysts, the 50 minute chart is still implying a possible return to 1.3025/45 near term and possibly 1.3122 (resistance line drawn from the September peak): “We would expect failure here and remain negative - attention remains on the 1.2803/32 (200 day ma and October low)”, wrote analyst Karen Jones, expecting downside in case of failure there, opening doors to 1.2472/33 (61.8% retracement and downside measurement of the top 1.3177-1.2803).

While initial supports reside at 1.2738 and 1.2605 (38.2% and 50% retracements), rallies will find initial resistance at 1.3025/84 ahead of the more important 1.3140/80 zone. “We have an additional resistance line just
ahead of here at 1.3123”, Jones added.