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Flash: What does the EUR/USD have to offer? – Commerzbank and Westpac

FXstreet.com (Barcelona) - The euro remains flat around the 1.2940/45 region on Monday, as an absent docket and holidays in both the UK and the US will leave the pair to the mercy of bouts of volatility and swings of the risk appetite trends.

“EUR/USD looks to be range bound between last week’s low at 1.2821 and the 55- and 200-day moving averages at 1.2983/1.3023”, noted Axel Rudolph, Senior Technical Analyst at Commerzbank. The expert also added that an upside beyond May highs at 1.3243 would neutralize the bearish outlook.

In addition, Strategist Sean Callow at Westpac commented, “Failure to break 1.3000 and 200dma at 1.3023 adds to the preference to sell rallies based on relative growth, with EZ providing glimmers of hope (advance PMIs) but recession entrenched”.

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