EUR/USD: the euro should stabilise itself below 1.19 in the short term (Commerzbank)

Commerzbank believes that the EUR/USD should stabilise itself around 1.1880/58 in the very near future.

"The EUR/USD is arriving in the 1.1880/58 zone, the highs of October 2017, where the pair should stabilise in the very short term.

Resistance can now come between the peaks of November and early December 2017 at 1.1940/61.

The EUR/USD will remain under pressure as long as it moves below the 200-day moving average at 1.2019.

In the longer term, the EUR/USD is expected to return to the 55-week MA at 1.1831."