EUR/USD: euro rebond should end very soon (Commerzbank)

The EUR/USD rebound is expected to be done soon, paving the way for a recovery of the EUR/USD's decline on the forex according to Commerzbank.

"The EUR/USD outlook remains negative after the breakdown of the 5-month trend line and the lows of the end of August and September near 1.1836/23.

Intraday rallys should fail towards 1.1833/55.

We expect a continuation of the decline towards 1.1662 and then 1.1296 ahead of the significant 1.1110 level.

In the very short term, the EUR/USD is bouncing again from the 200-week moving average at 1.1718, but this recovery is expected to be done soon."