EUR/USD sticks to the rangebound theme – Commerzbank

In view of Senior Analyst at Commerzbank Axel Rudolph, the pair remains poised for a continuation of the sideline pattern for the time being.

Key Quotes

“EUR/USD continues to be range bound within its February and early March boundaries at 1.2556/1.2155. The two month resistance line at 1.2415 is currently being probed, a rise above which will have the current March high at 1.2447 in its sights”.

“Minor support is still offered by the 55 day moving average at 1.2268. Below it lies the 1.2165/55 area, made up of the mid-January and current March lows”.

“Further sideways trading between these levels and the current March high at 1.2447 remains on the cards. If the 1.2447 level were to be exceeded, however, the January and February highs at 1.2538/56 would be back in the picture”.

“Above the 2008-2018 resistance line at 1.2651 lies the 1.3190 50% retracement of the move down from 2008”.