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In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could still drop and test the 1.1315/01 band.

Key Quotes

EUR/USD remains directly offered below the 20 day ma at 1.1482. There is scope for a retest of the 1.1315 200 week ma and 1.1301 recent low. This is expected to hold the down side. We will attempt to buy this dip”.

“Initial resistance is the 20 day ma and this guards the 1.1623 mid October high”.

“Below 1.1300 we have a pivot line back to 2015 which is located at 1.1264 this week . This guards the 61.8% retracement at 1.1185″.