Axel Rudolph, senior technical analyst at Commerzbank, expects the EUR / USD pair to experience a greater trading range as the pair stabilizes below the current November high at 1.1920. Finally, the euro / dollar should exceed this level.
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“The EUR / USD for the last three months has been in a range. It looks like a bullish consolidation range, but we have yet to see the trigger for a bullish breakout. ”
“The pair is consolidating below its current November high at 1.1920 and the 78.6% retracement at 1.1926, and is retreating slightly, but will remain in its offer range as long as it is above the six-month support line at 1.1682 “.
“The resistance at 1.1926 is considered the last defense for the August ceiling at 1.2014“.
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