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In view of Axel Rudolph, Senior Analyst at Commerzbank, the pair faces good resistance in the 1.1508/10 band.

Key Quotes

EUR/USD hit the November 2016 high at 1.1300 around which the currency pair short-term stabilized as expected. Should a drop and daily chart close below the 1.1300/1.1296 November 2016 and midJune 2017 highs be seen, however, the 61.8% Fibonacci retracement of the 2017-18 rise at 1.1187 would be next in line”.

“Good resistance remains to be seen at the May and June lows at 1.1508/10″.

“On the topside the key level is 1.1790, the July peak, a recovery above which would target the 38.2% Fibonacci retracement at 1.1855″.