EUR/USD: the euro should maintain its bearish bias in the short term (Commerzbank)

Commerzbank believes that the EUR/USD could once again reach recent lows near 1.1510 in the short term.

"Last week we saw the EUR/USD bullish correction end at the 38.2% Fibonacci retracement level at 1.1855, before relapsing downward.

Attention has turned to the recent low at 1.1510 and the 200-week moving average at 1.1407.

Rebounds will now have to face the 20-day moving average which should offer resistance at 1.1694, and we believe that 1.1855 will curb any rise and maintain a bearish bias."