EUR/USD: Barclays remains bearish, sold at 1.1320, targeting 1.11

Barclays is bearish on the EUR/USD and used a rebound at 1.1320 to again short the pair.

"Our initial targets are 1.1105 and then 1.1085. If the cross heads back below 1.1085, it would confirm the downtrend with 1.11 as a target followed by 1.0810." says Barclays.

Barclays says that one cannot rule out a rebound up to 1.1565 but that this threshold will have to be broken through in order to consider a return to the upper limit of the channel at 1.1875. "1.1085 will likely hold although 1.0940 is the critical threshold to decide whether we will retest the 1.05/1.04 zone with 1.08 as an intermediate target." says Barclays.