EUR/USD: US dollar coming under pressure – Commerzbank

EUR/USD is seeing a stronger bounce higher near-term from 1.0778/73, the mid February low, and has eroded the accelerated downtrend at 1.0957, per Commerzbank.

Key quotes 

“EUR/USD looks likely to range near-term. The market will find initial resistance at the 20 day ma at 1.0973 and the 1.1058 200 day ma at 1.1058 ahead of the 61.8% retracement at 1.1148/67 and while capped here will remain range bound.”

“Failure at 1.0773 will target the 1.0636 March low and then 1.0340, the 2017 low.”