EUR/USD: the euro's short-term dips should not be very deep (Commerzbank)

Commerzbank still maintains a bullish bias on the EUR/USD in the near term.

"The EUR/USD has declined from the resistance offered in the ​​1.1745/50 zone and the recent peak of 1.1790. These areas should continue to act as a solid short-term barrier.

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

A first support level comes at 1.1542 with the 20-day MA. Short-term declines should hold around 1.1560/20."