Forex Flash: EUR/USD may rebound near term - Commerzbank

Commerzbank analysts believe there may be a near term rebound ahead of further losses after yesterday's reluctance in breaking below 1.3000 and ‘doji’. “Overhead lies a band of resistance at 1.3293/1.3335. This is the location of the 55 day ma, the previous 3 month uptrend and an accelerated downtrend – while capped here the market will remain directly offered”, wrote analyst Karen Jones.

On the downside, initial target is 1.2679/61 (61.8% retracement of the move up from July 2012 and the November 2012 low), while initial support is this year's low at 1.2998 then 1.2885/76 – the 7th December low and 78.6% retracement.