EUR/USD: a new test of 1.15 still seems possible (Commerzbank)

Commerzbank believes that a new test by the EUR/USD of 1.1508/10 zone is still possible in the short term.

"The EUR/USD has spent a good portion of the last two weeks under the resistance area offered by the 1.1745/50 zone and the peak at 1.1790.

A recovery above this level would be necessary to trigger a move towards 1.1853 and the 55-week moving average (1.1910).

In the meantime, we remain unable to rule out a new test from the lows of May and June at 1.1508/10. The EUR/USD will have to breakout below 1.1508 in order to ease the upward pressure."