EUR/USD: the euro remains bearish below 1.19 (Commerzbank)

Commerzbank maintains a bearish bias on the EUR/USD and seeks to sell rallies.

"The EUR/USD broke the 78.6% retracement at 1.1767. The pair remains fully bearish below the bearish trend line at 1.1877.

A close below 1.1767 would pave the way for 1.1717/12, the May 2016 high at 1.1616, and then the November low at 1.1553, followed by the 200-week moving average at 1.1442, our end goal.

There is a note of caution, as we note a count of 13 waves on the daily chart, and we will prefer to sell rallies."