EUR/USD could rebound to 1.2045/1.2115 – Commerzbank

Senior Analyst at Commerzbank Axel Rudolph suggested the pair could attempt to bounce to the 1.2045/1.2115 band.

Key Quotes

“EUR/USD seems to have made a minor low at 1.1910 above which it will try to stabilize today. We note the positive divergence on the 240 minute chart and this is suggesting that we allow for a bounce to the 1.2045/1.2115 vicinity”.

“The market remains under pressure overall however as the sell-off has eroded the 23.6% retracement at 1.2019 and the 200 day ma at 1.2018. Longer term we will allow for losses back to the 55 week ma at 1.1832. We have tightened up our stops on our short positions considerably”.