EUR/USD bearish below 1.2429 near term – Commerzbank

In opinion of Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair’s outlook remains bearish while below 1.2429.

Key Quotes

“EUR/USD remains tightly range bound. We look for the cross to remain capped by the near term resistance line at 1.2429 and we should see it head back to the 1.2266 2017-18 uptrend line and the 1.2215 current April low. We preferably need to see a close below the 1.2155 February low to confirm a top formation”.

“Above 1.2429 lie the March highs at 1.2447/76”.

“Above the 2008-2018 resistance line at 1.2622 lies the 1.3190 50% retracement of the move down from 2008”.