Forex Flash: EUR/USD looks for gains towards 1.3485/1.3560 – Commerzbank

FXstreet.com (Barcelona) - The market, trading in its tight range 1.3250-1.3400, leaves the outlook unchanged: "attention and pressure still on the topside". "Above 1.3405 we look for gains towards tough long term resistance at 1.3485/1.3560 this is the location of the 2012 high, a double Fibonacci retracement the 200 week moving average and the 55 MONTH moving average", wrote analyst Karen Jones, looking for this to hold the topside and provoke failure.

"Nearby support is 1.3250/00 - below here would leave the market simply ranging and heading back to the base of the channel at 1.3091", Jones added, pointing to key support at 1.3048 (the 6 month uptrend). The not-favored scenario in which the EURUSD moves higher and closes above 1.3560, "we have very little until 1.3833, the 61.8% retracement of the move down from the 2011-2012 move".