Senior Technical Analyst at Commerzbank Axel Rudolph noted the pair remains sidelined for the time being.
“EUR/USD remains tightly range bound. We look for the cross to remain capped by the near term resistance line at 1.2435 and we should see it head back to the 1.2253 2017-18 uptrend line and the 1.2215 current April low. We preferably need to see a close below the 1.2155 February low to confirm a top formation”.
“Immediate downside pressure will remain in play while the cross remains below last week’s high at 1.2396”.
“Above the 2008-2018 resistance line at 1.2622 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.