Forex Flash: EUR/USD struggles at bouncing, initial support at 1.2885/76 - Commerzbank

Commerzbank analysts see the EUR/USD at a struggle to do the expectable bounce, according to the 13 count on the 240 minute chart. "While rallies are contained by the accelerated downtrend at 1.3200, the market will remain directly offered. Initial support is 1.2885/76 – the 7th December low and 78.6% retracement", wrote analyst Karen Jones, pointing to a short term downside target to 1.2679/61 (61.8% retracement of the move up from July 2012 and the November 2012 low). "Longer term we target 1.2400 then 1.2050/42 the 2012 low", she added.