Senior Analyst at Commerzbank Axel Rudolph noted the pair stays rangebound between 1.2556/1.2155 for the time being.
“EUR/USD continues to be range bound within its February and February high was made at 1.2556 early March boundaries at 1.2556/1.2155. Minor support is offered by the 55 day moving average at 1.2249 ahead of 1.2165/55, the mid-January and current March lows”.
“Further sideways trading between these levels and the current March high at 1.2447 remains to be seen. If bettered 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”.