According to Karen Jones, analyst at Commerzbank, EUR/USD pair has failed to make any impression on the 55 day moving average at 1.1228 and the market is once again weighing on the downside.

“We need to overcome the 55 day moving average, last week’s high at 1.1264 and the 2018-2019 downtrend at 1.1302 in order to alleviate downside pressure and reassert upside interest. This is a tall order at present and is likely to take several attempts. Intraday rallies are indicated to fail around 1.1160. Be advised that as long as the recent lows at 1.1110/06 hold the pattern being traced out is a potential large bullish reversal pattern. Support at 1.1110/06 is regarded as the break down point to the 2018-2019 support line at 1.1033 and the 1.0814 78.6% Fibonacci retracement.”