Forex Flash: EUR/USD with scope for a rally towards 1.3485/1.3560 - Commerzbank (Barcelona) - The extremely strong rebound in the EUR/USD chart, triggered by ECB's press conference, allowed a break throught the 1.33085 high, which suggests unfinished business on the topside. “It has introduced scope for a rally towards tough long term resistance at 1.3485/1.3560 this is the location of the 2012 high, a double Fibonacci retracement the 200 week moving average and the 200 MONTH moving average”, wrote Commerzbank analyst Karen Jones.

“We look for this to hold the topside and provoke failure”, Jones added, pointing to support at 1.3250/00 and a bid market above. “Below would simply leave it ranging and heading back to the base of the channel at 1.3047”, Jones concluded, pointing to key support at 1.3009/00 (6 month uptrend).