EUR/USD: the pair could fail to break through top of its range (Commerzbank)

Commerzbank believes that the EUR/USD could fail to break above the top of its range.

"The EUR/USD is moving near the top of the range and could lose momentum around current levels.

Despite the initial drop in the EUR/USD following the release of US inflation figures, the pair rebounded remarkably and continued to rise.

It is possible that the formation on the daily chart is a triangle with a horizontal upper limit, we are now at the top of this triangle and we could fail here."