EUR/USD: technical rebounds should remain limited (Commerzbank)

Commerzbank believes that the EUR/USD's rebound attempts should remain limited.

"The EUR/USD remained stable on Friday. The intraday Eliott wave counts are contradictory but suggest that the rallies should find resistance towards 1.2315/50. A close support level is at 1.2165, the 18 January low, ahead of the August and September peaks at 1.2092/70.

The pair recently failed under long-term Fibonacci resistance levels at 1.2517/38 and we believe that as a result of daily and weekly RSI divergences, the EUR/USD has recorded a top."