In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, bullish attempts in the pair should have no major significance while below the 1.1465/95 band.

Key Quotes

“EUR/USD’s rebound from critical 1.1102/1.1058 key support is probing the 23.6% retracement at 1.1219, it is possible that this is the only retracement we will see – we expect the move to remain muted. Rallies will make no impact while below resistance at 1.1465/95”.

“1.1102/1.1058 is the location of the 200 day ma, the 55 week ma, the December high, the March 16 low and the short term uptrend The base of the 6 month channel is expected to act as the break down point to the second channel at 1.0564”.