We consider a two-way quantum cryptographic protocol with coherent states assuming direct reconciliation. A detailed security analysis is performed considering a two-mode coherent attack, which represents the residual eavesdropping once the parties have reduced the general attack by applying symmetric random permutations. In this context we provide a general analytical expression for the key rate, discussing the impact of the residual two-mode correlations on the security of the scheme. In particular, we identify the optimal eavesdropping against two-way quantum communication, which is given by a two-mode coherent attack with symmetric and separable correlations.
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