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Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the cautious stance around the pair.

Key Quotes

EUR/USD has again sold off through the December 2017 low. We note the 13 count, which suggests caution and the daily RSI has not confirmed the new low. The market stays immediately offered below the accelerated downtrend at 1.1806 but will have very little impact while below the 1.1996 14th May high. Currently the Elliott wave count is suggesting recovery to 1.1890/1.2005″.

“Below1.1675 will target the 1.1616 May 2016 high and then the 1.1553 November low with the 200 week ma at 1.1442 our ultimate goal”.