Forex Flash: EUR/USD above 1.2382 could target topside - Commerzbank

FXstreet.com (Barcelona) - Trading below 1.2597/1.2600 (78.6% of the move from June and 38.2% of the move this year), the EURUSD "continues to hold onto the short squeeze gains seen on Monday" and can only resume its midterm bearish bias after failing at 1.2382. "While this holds another attempt on the topside remains plausible", wrote Commerzbank analyst Karen Jones, pointing to resistances at 1.2624/26 and 1.2672 (January low and the 7th and 11th of June highs). Key resistance at 1.2669/1.2748 needs to hold on a weekly closing basis in order to maintain the outlook.