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Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair still keeps the upside bias.

Key Quotes

EUR/USD saw a sharp dip lower, but this has not been enough to negate the upside bias following the recent erosion of the 6 week downtrend. The market will need to close above this resistance (currently at 1.1417) in order to alleviate downside pressure and initiate recovery to the mid-October high at 1.1623 (favoured)”.

“Only above 1.1625 will neutralise the chart further and allow for another run up to the 1.1790/1.1815 region. We continue to favour the topside but there is more work to be done”.