EUR/USD: the euro is once again targeting its resistance zone (Commerzbank)

Commerzbank indicates that the EUR/USD is now targeting the 1.2383 area.

"The EUR/USD continues to consolidate between 1.2556 and 1.2155. However, it is trying to move up. It would need to exceed the resistance level at 1.2383 to rehit last week's summit at 1.2413, prior to March's high at 1.2447.

If the 1.2447 threshold is broken, the January and February peaks around 1.2538/56 would be exposed.

The 3-month trend line acts as support near 1.2257 and protects the larger 1.2165/55 zone. A weekly close below it would reinforce the idea that the EUR/USD has recently recorded a top at 1.2556."