EUR/USD: the euro may still rise on the forex – Commerzbank is shifting long

Commerzbank shifted to the upside and believes that the EUR/USD may move higher in the short term.

"The EUR/USD broke the 55-day moving average as well as the short-term resistance line. This is changing our outlook for the short to medium term as it implies greater upside momentum.

Nearby resistance levels are offered by the peaks at 1.1745/50, followed by 1.1790.

A break above would target the mid-June high at 1.1853 and the 55-week moving average at 1.1922.

A first support level is at 1.1614 with the 55-day MA, ahead of 1.1532 with the 20-day MA, and a drop below 1.1508 will be necessary to ease the upward pressures.

For the moment, declines should remain limited to the 1.1625/1.1580 area."