EUR/USD: the euro remains negative in the short term on the forex (Commerzbank)

Commerzbank maintains its bearish bias on the EUR/USD for the short term.

"The EUR/USD remained stable on Monday, and we maintain our negative bias.

Last week we saw the EUR/USD's 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.

The rebounds will now come up against the 20-day moving average which should offer resistance at 1.1694, and we believe that 1.1855 will curb any rise and maintain the bearish bias."