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Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair’s upside stance remains unchanged as long as 1.1508/10 holds.

Key Quotes

EUR/USD is on the defensive and has sold off to the 1.1510/08 key support. This MUST hold on a closing basis for an overall upside bias to remain intact and for a retest of the 1.1790/1.1803 region to remain viable”.

“We are awaiting a close above 1.1790 which should be enough to trigger a move to the 1.1853 mid-June high and the 1.1895 55 week ma. Directly above here lies the 200 day ma at 1.1939 and we would allow for some profit taking there. We continue to view the August low at 1.1301 as a significant turn for the market”.