EUR/USD: the euro hasn't supported the break of 1.15, but it retains a bullish bias in the short term (Commerzbank)

Commerzbank says that the EUR/USD pair broke through the 1.1500 resistance line last week, but did not maintain the break and could experience further consolidation in the near term.

"We expect a recovery to the peak of 1.1623 hit in October and the 200-day moving average at 1.1621. In the longer term, we are targeting the 55-week moving average at 1.1786. Declines are expected to remain well supported by the 55-day moving average at 1.1382 and should be contained at the uptrend line at 1.1318 in the short-term.

A failure under 1.1267 will result in losses at the recent low of 1.1216 and the Fibonacci 61.8% retracement of the 2017-18 rally to 1.1186. Please note that we continue to consider the recent low of 1.1216 as an intermediate market low."