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Based on the 5th of a 5th Elliott wave count on the daily chart, the 13 count on the 240 minute chart, Commerzbank analysts are wary of a deeper corrective phase. “We would allow for a slide towards the 1.3270/56 zone”, wrote analyst Karen Jones “This is the 16th Jan low and the 61.8% retracement”, she added, suspecting that this was a false break above 1.3485/1.3564, “however it is a little too early to tell”. Key support is at 1.3125 6 month uptrend, but there is a first at 1.3211, a 3 month support line.