EUR/USD: Commerzbank maintains a bearish view of the pair

Commerzbank anticipates a decline of the EUR/USD towards 1.1127 in the short term.

"The EUR/USD continues to evolve below 1.13, and short-term risks point to a decline to 1.1127.

We note the divergence of the daily RSI and the Elliot waves count, which suggests a possible correction towards 1.1010. This also points to a 200-day moving average at 1.0824.

Above 1.13, the EUR/USD could reach peaks at 1.1429 and then 1.1472, however, we think the pair will not go higher. We observe a 78.6% retracement level at 1.1343."