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Karen Jones, analyst at Commerzbank, suggests that EUR/USD pair has sold off to the base of its one year down channel, currently at 1.0899 and this support is reinforced by its 78.6% retracement of the move 2016-2018 at 1.0814.

Key Quotes

“Directly below here lies the 1.0700 1985-2019 support line. We also have 13 counts on the weekly and daily charts Provided we see reversal we should see the market mean revert to its 55 and 200 week moving averages at 1.1285/1.1352 currently.”