Forex Flash: EUR/USD hits suggested rebound, targets 1.3270/55 - Commerzbank

According to Commerzbank analysts, the intraday Elliott wave count suggested that the rebound should terminate circa 1.3518 (50% retracement of the recent sell off). Such movement has already been seen, which now means the EUR/USD should get back down and target 1.3270/55 (16th Jan low and the 61.8% retracement and 3 month support line), "This is likely to hold the initial test – a break will target the more important 1.3164 7 month uptrend and a close below here is required to negate the up move completely", wrote analyst Karen Jones, pointing only to recovery above 1.3570 to neutralize the immediate outlook and potentially re-target the 1.3711 February high.