EUR/USD: the euro rebound on the forex should remain limited until a bearish recovery is in effect (Commerzbank)

The EUR/USD correction is not complete and rebounds should remain limited according to Commerzbank.

"The outlook for the EUR/USD remains negative following the breakdown of the 5-month trend line and the September low of 1.1836/23, and we expect a further decline towards August's low of 1.1662.

In the very short term, the EUR/USD is rebounding from the 200-week moving average to 1.1721, but rallies are expected to fail in the 1.1817/36 zone, in the 55-day moving average area and the zone defined by the August and mid-September low."