Forex Flash: EUR/USD sits on 1.3485/1.3562 key resistance - Commerzbank

FXstreet.com (Barcelona) - Commerzbank insist there is a long term resistance at 1.3485/1.3562 (2012 high, a double Fibonacci retracement, the 200 week moving average and the 55 MONTH moving average), where the EURUSD is currently sitting on: "This is a tough band of resistance and we look for this to hold the topside and provoke failure", wrote analyst Karen Jones, that has already exited remaining longs.

As nearby support, there is 1.3400 then 1.3250, and below here the market would get vulnerable to a slide lower and heading back to the base of the channel at 1.3152. "Key support is 1.3086 - the 6 month uptrend. Should a close above 1.3562 be seen (not favored) we have very little resistance of note until 1.3833 (61.8% retracement of the move down from the 2011-2012 move)", she added.