Senior Analyst at Commerzbank Axel Rudolph noted the pair stays rangebound between 1.2556/1.2155 for the time being.
â€œEUR/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 lowsâ€.
â€œFurther 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 pictureâ€.
â€œAbove the 2008-2018 resistance line at 1.2651 lies the 1.3190 50% retracement of the move down from 2008â€.