EUR/USD: possible euro rebound in the short-term (Commerzbank)

"The EUR/USD has declined once again, ignoring the 13-wave count and the daily RSI has not yet confirmed the new low.

The pair remains directly bearish below the bearish trend line around 1.1735, but the rallies will have very little impact on the overall trend as long as they remain below 1.1996, the 14 May high.

Currently, the Elliott wave count suggests a rebound to 1.1860/1.1980. We note a number of warning signals, suggesting that a bullish correction is imminent.

The EUR/USD hit a peak in May 2016 at 1.1616, and from there we are targeting the November trough at 1.1553, and the 200-week moving average around 1.1433."