EUR/USD: the euro's evolution within a range will likely continue on the forex (Commerzbank)

Commerzbank notes that after the EUR/USD has moved into a range on the forex, the pair should again try to fetch the 200-day moving average area around 1.1556.

"We could see minor declines that are expected to hold around 1.1390, and the EUR/USD remains supported by the 2016-2019 uptrend line at 1.1307. We have an additional support area offered by 1.1267/70 (the November and December lows). Provided that the market holds in this zone, we are in favour of a resumption of the 1,1556 threshold of the 200-day moving average and the mid-October high at 1,1623, and in the slightly longer term we are aiming for 1,1745, the 55-week moving average.

A break below 1.1267 would cause losses to the recent low of 1.1216 and the 61.8% Fibonacci retracement of the 2017-18 hike at 1.1186. Please note that we continue to consider the recent low of 1.1216 as an intermediate market low."