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Karen Jones, Team Head FICC Technical Analysis at Commerzbank, noted EUR/USD remains under pressure, while it needs to regain the 1.1321/58 band to reignite upside pressure.

Key Quotes

EUR/USD came under increasing downside pressure last week and has sold off to the base of its down channel at 1.0941. We have a 13 count on the weekly chart plus the weekly RSI has not confirmed the new low so caution is warranted. Below here lies the 78.6% retracement at 1.0814″.

“Nearby resistance is the near term downtrend at 1.1160 and the 200 day ma at 1.1275, but key resistance is 1.1328/51, the 2018-2019 down channel and the 55 week ma. A weekly close above this latter level is needed to negate downside pressure”.