FXStreet reports that Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, comments on the recent price action around EUR/USD.

“EUR/USD so far dropped to 1.1847, close to the early March low and the 78.6% Fibonacci retracement at 1.1836/24 which may soon be reached once the short-term consolidation above this area has run its course.”

“Further down the April 5 low sits at 1.1738 and the March low can be spotted at 1.1704.”

“Minor resistance can be seen along the 200-day moving average at 1.1998 and also at the 1.2052 mid-May low.”