EUR/USD: the euro will remain bearish as long as it stays below its short-term trendline (Commerzbank)

Commerzbank notes that the EUR/USD is still pursuing consolidation within its range.

"The EUR/USD is consolidating but rebounded within its range, testing the short-term trend line at 1.2367.

We'll have to hold above 1.2367 to reach towards last week's peak at 1.2413, ahead of the March high at 1.2447.

The key support area is at 1.2165/55. A weekly close below would strengthen the outlook for a top at 1.2556.

The EUR/USD will remain bearish below 1.2367."