EUR/USD: the euro is pushing above its short-term moving average (Commerzbank)

Commerzbank notes that the EUR/USD is becoming increasingly bullish in the short term.

"The EUR/USD spent much of last week consolidating just below the 55-day moving average, which currently stands at 1.1615, but is now rising above. The breakout of the MA is bullish in the short term and is targeting the ​​1.1700 zone.

The pair will need to drop below 1.1508 to ease the immediate upward pressure."