According to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, EUR/USD could extend the recovery to the area above 1.1100 the figure.

“EUR/USD last week eroded the four month downtrend and given that the market has recently reversed from the base of the weekly channel at 1.0892, we view the market as a base. We look for recovery to initially the mid September high at 1.1110. A close above here would trigger another leg higher to the 200 day ma at 1.1218. Longer term the critical resistance to overcome is the top of the one year channel at 1.1396 and the 200 week ma at 1.1353. Dips lower should be contained by 1.0990 and 1.0941 for an immediate upside bias to be maintained”.