According to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, the pair needs to surpass this area to allow a potential test of 1.1180.
Key Quotes
“EUR/USD continues to recover off the 61.8% retracement at 1.0994 and we have seen a recovery to the 55 day ma at 1.1091. We will need to regain this for a viable retest of the 1.1180 recent high (favoured). While capped by the 55 day ma, the market is regarded as under pressure and capable of extending the decline to the next Fibonacci support at 1.0943″.
“Above 1.1180 will target the 1.1262 top of the channel and the 1.1359 200 week ma”.
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