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Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair remains sidelined although under pressure for the time being.

Key Quotes

EUR/USD‘s outlook is neutral to negative. It is side lined but under pressure in its range. This will remain the case while it is capped by the near term resistance line at 1.1735. For now we will assume while below 1.1790, a downside bias remains, however the market is fairly neutral currently. Attention stays on the 1.1510/08 recent lows and below here lies the 200 week ma at 1.1373″.

“The pattern being traced out on the chart is a potential descending triangle. For this to stay valid, prices should remain below the resistance line – these patterns are bearish”.