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In opinion of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, the pair needs to regain 1.0926 and above in order to mitigate the downside pressure.

Key Quotes

EUR/USD has recently come to a halt at the 1.0814/78.6% retracement and the 1.0763 2000-2020 uptrend. This is key support and we look for it to hold the downside and provoke reversal. So far there is no sign of a bounce, near term rallies will need to regain 1.0926 as an absolute minimum in order to alleviate immediate downside pressure.”

“Resistance can now be seen at 1.0926, the September low, and between the November and January lows 1.0981/92.”