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Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the correction higher in spot could reach the 1.1630 region.

Key Quotes

EUR/USD‘s bounce off the November 2016 high at 1.1300 has further to run and has exceeded the May and June lows at 1.1508/10, this suggests an extension to the 55 day ma at 1.1628. The market is currently probing the 20 day ma at 1.1542 and will need to drop sub 1.1390 to alleviate immediate top side pressure”.

“Should a drop and daily chart close below the 1.1300/1.1296 November 2016 and mid-June 2017 highs be seen, however, the 61.8% Fibonacci retracement of the 2017-18 rise at 1.1187 would be targeted”.