EUR/USD: the euro poised to once again head towards 1.15 (Commerzbank)

Commerzbank maintains a bullish bias on the EUR/USD in the short term, and expects a new test of the 1.1500 resistance zone.

"EUR/USD declines should remain well supported by the 1.1300/1.1267 zone, which is the late November low, and we expect a new test of the 1.1500 zone. The market is facing strong resistance in the 1.1500 zone, but upside risks are increasing in the longer term, and a close above this level (preferably a weekly close) would trigger a return to the October high at 1.1623 and the 200-day moving average at 1.1636. In the longer term, we are aiming for 1.1795, the 55-week moving average.

A break below 1.1267 would result in losses to the recent low of 1.1216 and a 61.8% Fibonacci retracement of the 2017-18 hike to 1.1186. Please note that we continue to consider the recent low of 1.1216 as a intermediate low for the market."