EUR/USD is still range bound around the 1.09 mark. Economists at Commerzbank analyze the pair’s outlook.

Everyone is quite happy with the current levels around 1.09

Since the start of the week, the pair has always been just above or just below 1.09 with a slight downward trend. During the silly season, there really is no good reason for a complete revaluation of EUR/USD.

I assume that focus will remain on the Dollar, while the US data as well as the Eurozone PMIs might cause a few pips worth of movement if there are no outliers; the gravitational pull of the 1.09 mark will continue though, and we will continue to see a boring sideways trade in EUR/USD. 

If I had to opt for one side or the other, I would favor the lower end in EUR/USD since the US economy has so far proven to be more robust than expected but think that everyone is quite happy with the current levels around 1.09.