EUR/USD still targets 1.2280/73 – Commerzbank

Axel Rudolph, Senior Analyst at Commerzbank, suggested the pair could now target the 1.2280/73 band.

Key Quotes

“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 1.2399 provoked failure with the 55 day moving average and the March 9 low at 1.2280/73 still being targeted. Below it lies the four month support line at 1.2241. Further down the 1.2165/55 area can be spotted. It is made up of the mid-January and current March lows”.

“Above this week’s high at 1.2413 lies the current March high at 1.2447”.

“If the 1.2447 level were to unexpectedly be exceeded, 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”.