EUR/USD continues to grind lower during the second half of the week, testing the area of 1.1160 amidst a strong demand for the US dollar.
Axel Rudoph, Senior Technical Analyst at Commerzbank, noted the pair “ is slipping further towards the 1.1060/58 December high and the March 16 low. We look for dips lower to remain relatively shallow, though. While above 1.1060/58 EUR/USD should be expected to tackle the February high at 1.1377”.
Additionally, the research team at UOB Group suggested “We just shifted to a neutral stance yesterday and there is no change to the view. The current movement is likely part of a broad consolidation phase and we expect this pair to trade within a broad 1.1120/1.1375 range from here”.
(Market News Provided by FXstreet)
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