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Following the recent price action, the pair’s focus seems to have now shifted to the 1.0980 zone, noted Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.

Key Quotes

EUR/USD has eroded the 3 month uptrend. The intraday Elliott wave signals remain slightly negative and this leaves attention on the downside to initially the 1.0981 29th November low. More importantly it has neutralised our bullish bias and forced us once again to the sidelines.”

“Overhead the market is facing tough resistance at 1.1184-1.1240 – namely the 55 week ma, the 2019-2020 down channel and the recent high. This guards the 200 week ma at 1.1359, which continues to represent a critical break point medium term.”