Karen Jones, analyst at Commerzbank, points out that EUR/USD pair has backed away from the 1.1411 55 week moving average.

“The Elliott wave count is suggesting a small near term retracement into the 1.1265/30 band and beyond this we look for further gains. Above 1.1412 (last weeks high) we look for a test of the 1.1570 2019 high. Slightly longer term we target 1.1815/54 (highs from June and September 2018). Initial support lies at 1.1264/13th May high, ahead of 1.1176 the 7 th March high, which we look to hold. We regard recent lows at 1.1110/06 as an interim turning point and continue to view the market as based longer term and we target 1.1990 (measurement higher from the wedge).”