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According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, further declines are likely while below 1.1790.

Key Quotes

EUR/USD last week eased back from the 55 day ma at 1.1711, but this is being eroded today and the market is currently sidelined and possibly basing. For now we will assume while below 1.1790, a downside bias remains, however the market is more or less side lined currently. Attention stays on the 1.1510/08 recent lows and below here lies the 200 week ma at 1.1379″.

“A recovery above 1.1790 will target 1.1855. Above 1.1855 we look for a deeper retracement to the 1.1937 55 week ma, with scope for the 1.1981 200 day ma, where we suspect that it will fail”.