Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the pair attempting to re-test the 1.1745/50 band in the next sessions.
“EUR/USD saw recovery last week off the 1.1510/08 supports and we should see further upside attempts this week. This leaves the market well placed to tackle resistance offered by the 1.1745/50 area and the 1.1790 recent high. A close above here is needed to trigger a move to the 1.1853 mid-June high and the 1.1907 55 week ma. We suspect that the recent low at 1.1301 was a significant turn for the market”.
“The cross will need to drop sub 1.1508 to alleviate immediate upside pressure”.