Axel Rudolph, Senior Analyst at Commerzbank, noted the pair keeps its consolidative theme unchanged for the time being.
“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”.
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