EUR/USD edged higher in the early American session on Tuesday but failed to hold above 1.1600. The small rebound is viewed as corrective by analysts at Commerzbank who expect the pair to target the 1.1495 mark.

Key support is seen at 1.1366

“EUR/USD is seeing a small bounce higher, this is so far viewed as corrective only and the market will stay directly offered below the 1.1665 five-month downtrend.”

“For now, attention is on the 50% retracement of the move from 2020 and the March 2020 high at 1.1492/95.”

“Key support is the previous downtrend (from 2008) which is now located at 1.1366.”