Forex Flash: EUR/USD upside bias towards 1.3485/1.3562 - Commerzbank

FXstreet.com (Barcelona) - As the EURUSD broke higher from its range 1.3250-1.3400, an upside bias is maintained for gains towards tough 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). "This is a tough band of resistance and we look for this to hold the topside and provoke failure", wrote analyst Karen Jones, pointing to nearby support at 1.3250. "Below here would leave the market vulnerable to a slide lower and heading back to the base of the channel at 1.3126", she added, addressing key support at 1.3048 (6 month uptrend).

"Should a close above 1.3562 be seen (not favored) we have very little resistance of note until 1.3833, the 61.8% retracement of the move down from the 2011-2012 move", Jones wrote.