EUR/USD keeps the sideline theme unchanged so far – Commerzbank

Axel Rudolph, Senior Analyst at Commerzbank, sees the pair extending its rangebound 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 four month support line at 1.2249 is about to be reached. Further down the 1.2165/55 area can be spotted. It is made up of the mid-January and current March lows”.

“Above last week’s high at 1.2413 lies the current March high at 1.2447”.

“If the 1.2447 level were to unexpectedly be exceeded, 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”.