Forex Flash: EUR/USD clueless but bias is to the downside – Commerzbank

FXstreet.com (Barcelona) - Steady trading last week, between the 55 and 200 day moving averages at 1.2954/1.3050, gave few clues to direction. “However given the markets recent failure at its 50% retracement at 1.3225 our negative bias remains”. Ahead of here lies the 2013 resistance line at 1.3123”, wrote analyst Karen Jones, focused on the 1.2954 200 day MA. “We should see failure shortly and a slide to 1.2839, the 78.6% retracement of the move up in April. This is the last defense for the 1.2740 recent low”, she added, pointing to key support at 1.2679/61 (61.8% Fibonacci retracement of the July-to-January rise and the November 2012 low).