EUR/USD keeps the rangebound theme so far – Commerzbank

Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, comments on the recent price action around EUR/USD.

Key Quotes

“EUR/USD so far dropped to 1.1847, close to the early March low and the 78.6% Fibonacci retracement at 1.1836/24 which may soon be reached once the short-term consolidation above this area has run its course.”

“Further down the April 5 low sits at 1.1738 and the March low can be spotted at 1.1704.”

“Minor resistance can be seen along the 200 day moving average at 1.1998 and also at the 1.2052 mid-May low and the 55 day moving average at 1.2087.”