EUR/USD: the euro is likely to pursue its climb in the short-term (Commerzbank)

Commerzbank believes that the EUR/USD should continue its rise on the forex in the short term.

"The EUR/USD has broken its short-term trend line and seems capable of continuing its rise in the short term.

The pair broke the previous March high at 1.2447, and this is targeting the January and February highs at 1.2538/56, and the long-term bearish trend line at 1.2651.

Intraday indicators are more positive and we will try to buy on dips. A first support level is at 1.2322 according to the 55-day moving average."