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In light of the recent price action, the pair could now slip back to the 1.1301/00 band, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

EUR/USD has failed to maintain the break of the 6 week downtrend. This is negative price action and it is likely that we will see a retest of the 1.1301/00 recent low and the pivot line at 1.1261. Near term rallies are likely to remain thwarted by 1.1380/1.1447 today. Resistance at 1.1500 guards the mid-October high at 1.1623 (favoured)”.

“Only above 1.1625 will neutralise the chart further and allow for another run up to the 1.1790/1.1815 region. We continue to favour the topside but there is more work to be done”.