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Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, suggested the pair should shift its attention to the 200-day SMA if the 1.1095 level is cleared (55-day SMA).

Key Quotes

EUR/USD last week sold off towards and recovered just ahead of the 1.0981 29th November low. The market is currently being thwarted by the 55 day ma at 1.1095 and only above here will attention revert to the 200 day ma at 1.1126. Directly above here lies the 1.1171 55 week ma, the 1.1208 one year down channel and the 1.1240 recent high. These remain the break up point to the 200 week ma at 1.1355.”