EUR/USD: the bullish trendline remains a significant level of support (Commerzbank)

According to Commerzbank, the EUR/USD should remain "heavy" below 1.2317/1.2339.

"The EUR/USD has moved but not closed below the 2017-2018 uptrend line at 1.2257, and is back in the range.

We preferred to see a close under the 2018 trough at 1.2155 to confirm the formation of a top and a bearish break.

In the short term, the EUR/USD remains trapped by the 20 and 55-day moving averages at 1.2317/1.2339 and maintains a bearish profile below this zone. A break above 1.2339/50 could allow a very short-term rise to the late March peak at 1.2476."