Forex Flash: EUR/USD short-term downside target at 1.2679/61 - Commerzbank

The EUR/USD has terminated the upside corrective phase at 1.3163, according to Commerzbank analysts as they saw the market selling off into new lows for the year. "We note the 13 count on the 240 minute chart, however at this stage consider that while rallies are contained by the accelerated downtrend at 1.3263, the market will remain directly offered", wrote analyst Karen Jones, pointing to initial support at 1.2885/76, the 7th December low and 78.6% retracement. "We have short term downside target to 1.2679/61, this is the 61.8% retracement of the move up from July 2012 and the November 2012 low", she added.