Forex Flash: EUR/USD to retest 1.2700 - Commerzbank (Barcelona) - The EUR/USD faces strong resistance at the 1.2974 February high, where it falters, and an even tougher one should be at 1.2974/1.3000 area, leaving Commerzbank biased to the downside: “We should see failure here and a retest of trend line support currently at 1.2700”, wrote analyst Karen Jones, favoring a scenario in which the pair fails there and targets 1.2605 then 1.2472. “This is our favored scenario, but at this point should a recovery through 1.3050 be seen we will have to allow for a retest of 1.3173/77”, Jones added, pointing to major resistance at 1.3466/1.3542 (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).