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Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, agrees with FXStreet’s analyst Yohay Elam as both see the EUR/USD pair testing the 1.1240 level.

Key quotes of Commerzbank

“EUR/USD remains bid and looks set to challenge the 1.1240 December peak; our initial target remains the 200-week ma at 1.1333. This is the break point for the 1.1495 March peak.” 

“Dips back from here should find initial support at the 1.1019 May high and the 200-day ma at 1.1012. Below the 200-day ma dips should find initial support at 1.0941 ahead of the short-term uptrend at 1.0826. Provided this holds, an upside bias remains entrenched.”