EUR/USD: the euro is still oriented towards the downside (Commerzbank)

Commerzbank notes that the EUR/USD is still bearish despite the recent rebound.

"The EUR/USD has broken down its range and is still targeting the lows of May and June at 1.1510/08, although in the short-term it is heading towards the 55-day moving average at 1.1667.

The EUR/USD still remains bearish below the highs of the last two weeks at 1.1745/50.

On the upside, the key threshold is at 1.1790, the high of July."