Commerzbank don't exclude growth of the euro to 1.1039

Technical analysts at Commerzbank believe that the EUR/USD can still test the zone around 1.0820. They say that EUR / USD pair has risen and now trades around 1.07, which is the maximum of the recent upwards movement, then the market fell into a phase of correction, analysts say.
Currently, they do not exclude the test of 1.0820, which is 50% correction. Elliott waves are contraversial. There is a risk of growth to 1.0875, which is a peak of December. At this stage analysts can not exclude even rise to the 200-day moving average at 1.1039.
The market would maintain its support in the near future over 1.0450. In a case of breakthrough the attention will be directed back to 1.0372/40 which are recent minima. Analysts expect that closing below 1.0372/40, which is minimum from mid-December 2016 will lead to a new wave of significant reduction.