EUR/USD: the euro can still correct upwards in the very short term (Commerzbank)

Commerzbank notes that the EUR/USD's corrective rebound is potentially not over yet.

"The EUR/USD remains on a corrective upward movement, and Elliott's waves suggest a possible broader retracement to 1.1875/1.1990.

In the very short term, as long as we stay above the trough of 1 June at 1.1617, we will maintain a bullish corrective bias. A move above the 20-day moving average at 1.1752 should be the trigger for this deeper corrective phase.

Below 1.1617, bullish corrective pressures will ease, signaling a new test of the target range at 1.1553/1.1424."