EUR/USD: Commerzbank maintains a bearish bias following the recent rebound

Commerzbank is maintaining a bearish bias for the EUR/USD on the forex and believes the rebound should remain limited.

"The EUR/USD continues to display a rebound since the August low of 1.1662. While we can observe an extension towards the line of resistance and peak of August 2 at 1.1900/14, we don't think it will go any higher.

We considere a break below 1.1660 as a trigger for a decline to the mid-June top at 1.1296 and the more important threshold at 1.1110, the May low."