EUR/USD: a break through the 1.1729-1.1855 range could signal new momentum for the euro-dollar (Commerzbank)

Commerzbank suggests monitoring an exit by the EUR/USD from the 1.1729-1.1855 zone.

"The EUR/USD bullish correction is approaching the Fibonacci retracement at 1.1855.

A return below the 20-day moving average at 1.1729 should be enough to renew with bearish pressures towards the May 2016 highs at 1.1616/17.

Above 1.1855, the retracement should increase towards the 1.1875/1.1990 range."