EUR/USD: downward moves remain corrective at this stage (Commerzbank)

Commerzbank believes that the current decline could come back to test 1.1508, but it nevertheless remains corrective.

"The EUR/USD failed at the 1.1790/1.1803 resistance zone.

Failure in this area indicates a reversal to the 1.1550 area. This move is considered corrective.

In particular, there is the possibility of deeper retracement to the key support area at 1.1510/08. As long as it holds, we maintain a generally bullish bias for a new test of 1.1790/1.1803.

We are expecting a close above 1.1790, which should trigger a move towards 1.1853 and then 1.1895."