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Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggests another attempt to test the 1.1850 region is likely.

Key Quotes

EUR/USD is consolidating at its 55 day ma. The intraday Elliott wave counts are more positive and intraday dips are expected to hold over 1.1710/1.1675 ahead of another leg up. This suggests another attempt at the June high at 1.1853/55 is likely. Above 1.1855 we look for a deeper retracement to the 1.1927 55 week ma, with scope for the 1.1986 200 day ma”.

“Below 1.1500 will target the 200 week ma at 1.1388″.