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In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could attempt a rebound to the 1.1730/35 band.

Key Quotes

EUR/USD has seen an initial halt at the previous 23.6% retracement at 1.1723. We look for it to recover further following last week’s key day reversal. It is likely that we will see a rally towards the 1.1733 resistance line. This guards the recent high at 1.1853/55″.

“Medium to longer term we continue to target the 200 week ma at 1.1400. We would expect this to hold the initial test and provoke some profit taking. Below 1.1400 would introduce scope to the 61.8% retracement at 1.1186″.