EUR/USD: the euro rebound could go as high as 1.18 (Commerzbank)

Commerzbank notes that the current EUR/USD rebound on the forex could reach 1.18.

"The EUR/USD continues to correct itself on an upwards basis. The new low hasn't been confirmed by the daily RSI, and this suggests a bearish momentum loss. Elliott's current intraday count implies a possible rebound to 1.1800.

Beyond this rebound, we remain bearish. The EUR/USD has recently completed a head and shoulders figure and a flag, which is very bearish. The measure since the head and shoulders figure is at 1.1232. The 200-day moving average is at 1.1298."