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The recent bounce has motivated the pair to shift its focus to the key 200-day SMA in the 1.1130 region, noted Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.

Key Quotes

EUR/USD last week sold off towards and recovered just ahead of the 1.0981 29th November low. The market is probing the 55 day ma at 1.1096 and attention has reverted to the 200 day ma at 1.1127 and directly above here lies the 1.1171 55 week ma, the 1.1208 one year down channel and the 1.1240 recent high. These remain the break up point to the 200 week ma at 1.1355, which continues to represent a critical break up point.”