Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, expects EUR/USD to see further range trading as the pair stabilizes below the current November high at 1.1920. Eventually, euro/dollar should break above this level.
“EUR/USD for the past three months has been in a range. It is viewed as a bullish consolidation range, but we have yet to see the trigger of a break higher.”
“The pair is consolidating below its current November high at 1.1920 and the 78.6% retracement at 1.1926, and is easing back slightly but it will remain bid in its range while above the six-month support lineat 1.1682.”
“Resistance at 1.1926 is considered the last defence for the August peak at 1.2014.”
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