Karen Jones, analyst at Commerzbank, points out that EUR/USD held steady yesterday, and they maintain a positive bias while the March and mid-June lows at 1.1181/76 hold the downside.

“While this holds, the 200 day moving average and early June high at 1.1322/48 will remain in sight. This guards the more important 1.1394/1.1412 55 week ma and recent high. Above the 1.1412 June high we look for resumption of the up move and 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).”