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In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could still attempt a test of the mid-1.1800s as long as it trades above 1.1650.

Key Quotes

EUR/USD continues to consolidate below its 55 day ma. The intraday Elliott wave counts are more negative and it will need to hold over 1.1650 for an upside attempt at 1.1853/55 to remain plausible. Above 1.1855 we look for a deeper retracement to the 1.1927 55 week ma, with scope for the 1.1986 200 day ma, where we suspect that it will fail”.

“Below 1.650 sees the recent lows at 1.1510/08 retested”.