Forex Flash: EUR/USD might have topped at 1.3177 - Commerzbank (Barcelona) - While the downside phase short term remains in force as the EUR/USD trades below the cloud on the 240 minute chart for the first time since mid August, “the Elliott wave count on the daily chart is implying that we will see a deeper pullback to 1.2827/1.2700 (200 day ma), prior to a reattempt on the topside”, wrote analyst Karen Jones, starting to suspect that the market has topped at 1.3177 and the decline will extend back to the 2 month uptrend, at 1.2624.

Commerzbank analysts see the market offered intraday below 1.3050, with next resistance at 1.3150/80. “Major resistance remains 1.3466/1.3541, this is the location of the 2012 high, the 50% retracement of the 2011-2012 move and the 38.2% retracement of the move down from 2008 and the 200 week ma”, Jones added.

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