Forex Flash: EUR/USD on key day reversal yesterday - Commerzbank

FXstreet.com (Barcelona) - Signs of failure ahead of good resistance at 1.3037/75 (78.6% retracement and the 2011-2012 downtrend) suggests that the market has topped for now: "We note the TD perfection on the daily chart, which yesterday alerted us to the likelihood of failure and today we note that yesterday's price action also constituted a key day reversal", wrote analyst Karen Jones, pointing to the 55 day ma at 1.2918 as a near term break down point and below here will alleviate immediate topside pressure for a slide back to 1.2799 the 200 day MA en route to the 1.2661 November peak. "We continue to regard the 1.3173/80 resistance as an interim peak for the market", Jones added.