EUR/USD: the euro remains bearish below 1.1830 (Commerzbank)

According to Commerzbank, the EUR/USD remains pointed to the downside as long as it evolves below 1.1830.

"The EUR/USD is trying to recover since the lows of December 2017.

The pair has not yet closed below the 78.6% retracement at 1.1767, and we note a count of 13 waves, suggesting a short-term rally.

The EUR/USD, however, remains directly bearish below the trend line around 1.1830.

A close below 1.1712 would pave the way towards 1.1616, 1.1553 and 1.1442."