In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s upside could face strong resistance in the 1.1050/90 band. Key Quotes “EUR/USD has tested, but appears to be stalling at the 200 day moving average circa 1.1047. Between here and 1.1087 (September low) is quite a pivotal area. Ideally this will again provoke failure and we continue to target 1.0560/1.0457 (the December 2015 and March 2015 lows)”. “While capped by 1.11, the market will remain directly offered. Above here will neutralise the immediate outlook. We continue to regard the 1.1377 peak as an interim high”. For more information, read our latest forex news.