EUR/USD: bearish risks have reinforced (Commerzbank)

Commerzbank believes that the EUR/USD may return to the recent low at 1.1301.

"The EUR/USD failed on the Fibo resistance of 1.1624 and could fall further.

The first support level at 1.1508 has been broken and we expect a fall to 1.1411, the 78.6% retracement. There is a risk of testing the recent low at 1.1301.

Only a return above 1.1625 would neutralise the chart and allow an increase to the 1.1790/1.1815 area.

We continue to favour a rally, but there is still work to be done to achieve this."