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In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could attempt a recovery to the 1.1890/1.2005 area.

Key Quotes

EUR/USD is attempting to recover off the December 2017 low where it is holding. It has not yet closed below its 78.6% retracement at 1.1767 and we note the 13 count, all of which suggest a near term rally. The market stays immediately offered below the accelerated downtrend at 1.1830 but will have very little impact while below the 1.1996 14th May high. Currently the Elliott wave count is suggesting recovery to 1.1890/1.2005″.

“A close below 1.1712 will target the 1.1616 May 2016 high and then the 1.1553 November low with the 200 week ma at 1.1442 our ultimate goal”.