EUR/USD: a break below 1.1676 could provoke a new drop (Commerzbank)

Commerzbank notes that a break below 1.1676 by the EUR/USD  would cause a drop to 1.1616.

"The EUR/USD broke below the December 2017 lows.

We note the count of 13 waves, which suggests one take caution and the daily RSI has not yet confirmed the new low.

The pair remains fully on the decline under the bearish trend line around 1.1806.

Under 1.1675, the EUR/USD will target the May 2016 peak at 1.1616, then the November trough at 1.1553, with the 200-week moving average at 1.1442 as our final target."