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Flash: EUR/USD looks to be range bound - Commerzbank

FXstreet.com (London) - EUR/USD looks to be range bound - Commerzbank

Analyst, Axel Rudolph for Commerzbank said that EUR/USD looks to be range bound between last week’s low at 1.2821 and the 55 and 200-day moving averages at 1.2981/1.3025.

He sights key short term resistance is seen along the resistance line drawn from the February peak that is located at 1.3102. He added that only an unexpected rise above the 1.3243 May high would negate their bearish outlook. 1.2796 is considered to be the last defence for the 1.2740 April low.

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