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According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s stance remains offered as long as it trades below the 1.1717/90 band.

Key Quotes

EUR/USD tested and sold off from the 55 day ma at 1.1717. For now we will assume while below here and below last week’s high at 1.1790, a downside bias remains. The market remains on the defensive currently and attention stays on the 1.1510/08 recent lows and below here lies the 200 week ma at 1.1382″.

“A recovery above 1.1790 will target 1.1855. Above 1.1855 we look for a deeper retracement to the 1.1930 55 week ma, with scope for the 1.1986 200 day ma, where we suspect that it will fail”.