EUR/USD: the euro should soon encounter solid resistance (Commerzbank)

Commerzbank suggests that the EUR/USD's rise on the forex should be blocked by strong resistance.

"The EUR/USD continues to rise in its range following its failure to close below the 2017-2018 uptrend line at 1.2257.

In the short term, the EUR/USD should find stronger resistance in the 1.2450/75 zone.

The Elliott intraday count is positive, but suggests that the rally will fail before the February high at 1.2556 and the long-term trend line at 1.2622."