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Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair could attempt a test of 1.1735 and 1.1875.

Key Quotes

EUR/USD has recently reached our target band at 1.1553-1.1432. It is the location of the November 2017 low, the 200 week ma and the 50% retracement of the move from 2017-2018. We are seeing some profit taking in this band and rallies have eroded the accelerated downtrend and reached the 23.6% retracement at 1.1723. We are allowing for a deeper retracement to 1.1735, 1.1875″.

“Below 1.1420 would introduce scope to the 61.8% retracement at 1.1186″.