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According to Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, the pair could still attempt a test of the boundaries of 1.1100 while above the 1.0989 level.

Key Quotes

EUR/USD is slipping back to the 1.0989 mid-November low. Whilst it holds, last week’s high at 1.1097 may be revisited, a rise above which would have the 1.1180 October high in its sights. Above 1.1180 will target the 200 week ma at 1.1359″.

“Below 1.0989 lies the 1.0943 78.6% retracement”.