Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair has now shifted its attention to the area of yearly lows in the 1.1180/75 band.

“EUR/USD attention remains on the 1.1176 recent low. The market has recently not sustained breaks to new lows, but there remains a risk of a slide to the 1.1110 end of May 2017 low (not our favoured scenario). We suspect that it is trying to base but needs to do more work (we note the 13 count on the weekly chart). Once above the 200 day MA at 1.1464, the cross should target the 1.1570 January high, together with the 55 week MA at 1.1589”.