Forex Flash: EUR/USD needs a break below 1.3061 and 1.3030 to confirm reversal lower - Commerzbank

FXstreet.com (Barcelona) - As expected, the EUR/USD failed at hefty resistance at 1.3225/43 (50% retracement and Wednesday’s high) yesterday. “A break back below the short term uptrend at 1.3061 and a fall through the 55 day moving average at 1.3030 is still needed to confirm a trend reversal lower”, wrote analyst Karen Jones, pointing to the 1.2972/54 support area (24th April low and the 200 day ma) as new focus in this case, and failure there would concentrate efforts on to 1.2839, the 78.6% retracement of the move up in April, then the 1.2740 recent low.