EUR/USD: focus is on the support level at 1.1712 (Commerzbank)

Commerzbank notes that the attention focused on the EUR/USD is turning to the 1.1712 support level as long as it evolves below 1.1880.

"The EUR/USD declined last week to 1.1712 before recovering.

We start this week with a special focus on the support level at 1.1712, whereas a close below it should be enough to cancel upside pressures and pave the way for a decline to 1.1553.

We also note a heavy resistance, which extends from 1.1880 to 1.1976. As long as the EUR/USD moves below 1.1880, a bearish bias will remain in place."