EUR/USD: technical analysis suggests that euro rise is approaching strong resistance (Commerzbank)

Commerzbank notes that the EUR/USD rise on the forex could find strong resistance near 1.1464.

"The EUR/USD outlook suggests that the pair may test the 2-year uptrend line at 1.1464, but it could stall here.

The counting of the waves on the daily timeframe indicates that this level may offer resistance.

The EUR/USD will find support near 1.1261, along the 4-month uptrend line.

Above 1.1464, the EUR/USD can target 1.1616, the top of May 2016, followed by 1.1713/36, the summit of August 2015 and a long-term Fibonacci level."