EUR/USD Range-Bound Below Key Resistance

The EUR/USD pair remains in a range-bound state, hovering below its 100-day Simple Moving Average (SMA). This technical indicator serves as resistance for buyers, keeping prices from surging higher.

Technical analysis suggests a mild bullish bias, with the Relative Strength Index (RSI) near 59 and the Moving Average Convergence Divergence (MACD) line in positive territory. However, momentum remains constructive despite the layered resistance above price.

Commerzbank has trimmed its forecast for the EUR/USD pair, now expecting it to reach 1.18 by mid-2027 and 1.19 by the end of 2027. This is due to eroding Federal Reserve independence and dollar overvaluation, which should drive the pair higher in the coming quarters.