Karen Jones, analyst at Commerzbank, suggests that the EUR/USD pair is likely to slip back to the low 1.1200 region as it appears to be baulking just ahead of the 55 and 100 day MA at 1.1366/68.

“We have our doubts that the market will at this juncture retest the 61.8% Fibonacci retracement of the 2017-18 advance at 1.1186 but Intraday Elliott wave counts remain negative There is now a considerable amount of resistance above the market extending up to the 200 day MA at 1.1486. Rallies will find initial resistance at 1.1366/68 the 55 and 100 day MA, which guard the 1.1420 end of February high and the 1.1425 downtrend. Below 1.1185/75 lies the 1.1110, the May 2017 low and the 1.0814/78.6% retracement.”