Axel Rudolph, analyst at Commerzbank, points out that EUR/USD remains below the 55 day moving average at 1.1231 and remains close to the March and mid-June lows at 1.1181/76 and while this area underpins on a daily chart closing basis, the 200 day moving average and early June high at 1.1328/48 will remain in sight.”

“Above the 1.1412 June high we look for a test of the 1.1570 2019 high. Slightly longer term we target 1.1815/54, the highs from June and September 2018. We regard the April and May lows at 1.1110/06 as a turning point and continue to view the market as based longer term and target 1.1990 (measurement higher from the wedge).”