EUR/USD: the pair could visit the 1.2599-1.2661 zone (Commerzbank)

Commerzbank believes that the EUR/USD may try to test the 1.2599/1.2660 zone in the coming weeks.

"The EUR/USD is consolidating, the pair recently reached long-term Fibonacci resistance at 1.2517/1.2600. It should be noted that the break in the January support line was not sustained, but the risk of a bearish correction remains active.

Below 1.2335 comes the low of 18 January at 1.2165, then the peaks of August and September at 1.2092/70.

On the upside, we could reach the area at 1.2599/1.2661."