Forex Flash: EUR/USD – 1.2839 last defence before 1.2740 – Commerzbank

FXstreet.com (London) - Commerzbank Analyst, Karen Jones see’s risk to the downside as EUR/USD has moved another leg lower and has already sold off to the next support at 1.2839, the 78.6% retracement of the move from April.

She suggests that this is considered to be the last defence for the 1.2740 recent low and expects intraday rallies are to fail at1.2925/80. If capped there, the market will remain directly offered. She notes that the base of the cloud lies at 1.2934 and is expected to act as additional resistance