EUR/USD: the bias is increasingly negative following the break of the upward trendline (Commerzbank)

Commerzbank believes that the EUR/USD should remain negative below 1.2420.

"The EUR/USD dropped within its range on Friday. It broke the 2017-2018 trendline at 1.2272, which is considered negative.

But we think that in order to generate generate genuine bearish interest, the EUR/USD will have to close below the April trough at 1.2215 and below that of February at 1.2155.

We expect the pair to find resistance near 1.2420 and remain negative below.

Above 1.2420 is the March peak at 1.2447/76."