Axel Rudolph, Senior Technical Analyst at Commerzbank, noted EUR/USD could retest the 1.0680 area while 1.0829 still caps.
“Last week’s advance is likely to fizzle out below the 1.0829 February high. As long as it caps, a slip back to the 1.0679 mid-February high may be seen this week. Further range trading seems to be on the cards. Above 1.0829 sits the 1.0851/93 area, made up of the October low, December high and the 200 day moving average”.
“A drop below the March 14 1.0600 low would neutralise the chart once more”.
“We stay overall negative below 1.0830. Only above 1.0830 would introduce scope to 1.0875 December high and the 200 day ma at 1.0896”.