FXStreet (Edinburgh) - The single currency has gathered further traction vs. the greenback as of late, in response to the risk-off sentiment triggered in the global markets. Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted spot “is bid in its range but the market is facing tougher resistance at 1.10/1.1060 – recent highs and the 200 day ma and these should act as an effective near term ceiling. Key resistance remains the 1.1028/71 2014-2016 downtrend and 55 week ma and we view the market as bearish while capped here. Our target remains the 1.0523 recent low”. In addition, Senior Analyst at Danske Bank Morten Helt suggested “provided we are right that the ECB will disappoint this week by not being willing to signal the need for another deposit rate cut, EUR crosses should see some support post the meeting. We look for a test of 1.10 in EUR/USD on the back of the ECB meeting this week. We still expect the cross to edge back into the 1.05-1.10 range near term followed by a rebound to 1.16 in 12M”. For more information, read our latest forex news.