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According to Karen Jones, Team Head FICC Technical Analysis at Commerzbank, dips in the pair are likely to meet contention in the 1.1040/45 band.

Key Quotes

EUR/USD has started to erode the 55 day ma at 1.1087, but did not sustain the break. This slightly increases the risk of a retest of the 1.1180 recent high (favoured). Dips lower will find near term support offered by the 20 day ma at 1.1044 and will ideally remain contained by 1.0989, the recent low. Above 1.1180 will target the 1.1262 top of the channel and the 1.1359 200 week ma”.

“Below 1.10989 lies the 1.0943 78.6% retracement”.