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Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair’s stance remains neutral and could be attempting a base.

Key Quotes

EUR/USD is currently sidelined and possibly basing, but has so far been rejected by the near term resistance line. For now we will assume while below 1.1790, a downside bias remains, however the market is fairly neutral currently. Attention stays on the 1.1510/08 recent lows and below here lies the 200 week ma at 1.1379″.

“A recovery above 1.1790 will target 1.1855. Above 1.1855 we look for a deeper retracement to the 1.1937 55 week ma, with scope for the 1.1981 200 day ma, where we suspect that it will fail”.