EUR/USD keeps the rangebound theme – Commerzbank
|Axel Rudolph, Senior Analyst at Commerzbank, noted the pair keeps its consolidative theme unchanged 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. Minor support is offered by the 55 day moving average at 1.2258 which is currently being targeted. 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 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”.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.