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