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The EUR/USD pair is testing the 55-day moving average at 1.0934 but will remain under pressure below the 200-day moving average at 1.1016, per Commerzbank.

Key quotes

“EUR/USD continues to range trade above the February-to-May lows (except March) at 1.0778/27 and is about to hit the 55 day moving average at 1.0934.” 

“The cross will continue to remain under pressure within its range while it stays below the 200-day moving average and the current May high at 1.1016/19.” 

“The April low at 1.0727 guards the 1.0636 March low and the 1.0340 2017 low.”