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Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, suggested the pair could re-test the 1.1330/48 area as long as the 1.1181/76 band underpins.

Key Quotes

EUR/USD is trading back below the 55 day moving average at 1.1232 and nears the March and mid-June lows at 1.1181/76. While this area underpins on a daily chart closing basis, the 200 day moving average and early June high at 1.1330/48 will remain in sight”.

“Above the 1.1412 June high we look for a test of the 1.1570 2019 high. Slightly longer term we target 1.1815/54, the highs from June and September 2018″.