Forex Flash: EUR/USD faces challenge at 1.2911 - Commerzbank (Barcelona) - The EUR/USD is expected to find resistance after the rally seen to the 50% retracement at 1.2900 yesterday, alongside with the 55 day ma at 1.2911. “While the latter caps, a negative bias will persist and leave the 1.2661 current November low still in view”, wrote analyst Karen Jones, neutralizing the immediate outlook once above 1.2911/60 and allowing for a run up to 1.3021/37. “We continue to view the 1.3173/80 resistance as an interim high”, added the Commerzbank analyst. “Failure at 1.2661 will push the symmetrical triangle downside measured target at 1.2483 to the fore”, Jones said, pointing also to 1.2474, the 61.8% Fibonacci retracement of the move up from July, while initial support is seen at 1.2607.

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