Karen Jones, analyst at Commerzbank, notes that the EUR/USD pair is seeing a strong rebound off support at 1.1176, the March low.

“The market appears to have stabilised and again is well placed to test the 200 week ma at 1.1348 and the 200 day ma at 1.1350. To really ignite upside interest, we suspect a close above 1.1350 is needed to target initially the 1.1570 2019 high. We regard recent lows at 1.1110/06 as an interim turning point and continue to view the market has basing longer term. Support at 1.1110/06 is regarded as the break down point to the 2018-2019 support line at 1.1027 and the 1.0814 78.6% Fibonacci retracement.”