EUR/USD: euro approaching its 5-month trendline, a key threshold (Commerzbank)

Commerzbank does not rule out the risk of a EUR/USD rebound as long as the trend line remains in place.

"The EUR/USD is approaching the 5-month trend line at 1.1809. As long as this line holds, we remain unable to rule out an extension to the 50% retracement of the drop from the 2014 top at 1.2168 and the 200-month moving average at 1.2372. But this increase is taking place, and this threshold should hold.

It should be noted that we consider that this should be the final phase of the uptrend.

At the moment, intraday EUR/USD rallies on the forex should fail in the 1.1915/50 zone."