EUR/USD: the euro could climb back above 1.18 in the short term (Commerzbank)

Commerzbank believes that the EUR/USD could rise and test resistance located at 1.1853/55.

"The EUR/USD broke key short-term resistance at 1.1723/25, and this signals a further rise to the June high of 1.1853/55.

Elliott's intraday wave counts are more positive and declines are expected to hold above 1.1710/1.1675, before a further upswing."