FXStreet (Edinburgh) - EUR/USD has retraced the spike to yesterday’s highs in the 1.0970 area and is currently testing the 1.09 region ahead of EMU’s CPI and the key US Q4 GDP. “We are neutral now but the short-term bias is for a move higher to test the month-to-date high near 1.0985 even though a sustained move above this level appears unlikely”, suggested the research team at UOB GROUP. Furthermore, Axel Rudolph, Senior Technical Analyst at Commerzbank, noted the pair “remains range bound and faces tough resistance at 1.1000/1.1060. These are the recent highs and the 200 day ma, the 2014-2016 downtrend and 55 week ma and we view the market as bearish while capped here. Our target remains the 1.0523 recent low”. For more information, read our latest forex news.