EUR/USD could now slip back to 1.2275 – Commerzbank

Senior Analyst at Commerzbank Axel Rudolph sees the pair could now target the 1.2275 level.

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 1.2407 provoked failure with the 55 day moving average at 1.2275 thus being targeted. Below it lies the 1.2165/55 area, 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 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”.