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Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair’s downside pressure should alleviate beyond 1.1710.

Key Quotes

EUR/USD has reached target, namely the 1.1553 November low and the 200 week ma at 1.1433 and the 50% retracement of the move 2017-2018 at 1.1450. We expect to see some profit taking here”.

“Rallies will need to overcome the accelerated downtrend at 1.1710 in order to alleviate downside pressure and signal a deeper retracement to 1.1810/1.1935″.

“Below 1.1420 would introduce scope to the 61.8% retracement at 1.1186″.