Forex Flash: EUR/USD correction lower not over yet - Commerzbank

The EUR/USD bounce after falling through its accelerated uptrend “was not enough to convince us that the market is ready to resume its up move”, said analyst Karen Jones, noting the 5th of a 5th Elliott wave count on the daily chart, the 13 count on the 240 minute chart, which makes Commerzbank analysts wary of a deeper corrective phase: “We would allow for a slide towards the 1.3270/56 zone (16th Jan low and the 61.8% retracement)”, said Jones, adding that “we suspect that this was a false break above 1.3485/1.3564”. There is support at 1.3202 and key support at 1.3125 6 month uptrend.