EUR/USD: the euro is encountering solid resistance, but any declines should remain limited (Commerzbank)

Commerzbank notes that the EUR/USD has encountered strong resistance on the forex.

"On Friday, the EUR/USD continued to decline due to resistance offered in the 1.1745/50 area and the recent high of 1.1790.

They should continue to act as a solid short-term barrier.

A recovery above this would trigger a move towards 1.1853 and the 55-week MA at 1.1917.

A first support level is at 1.1541 (20-day MA). Short-term declines should be limited to the 1.1560/20 zone."