Senior Technical Analyst at Commerzbank Axel Rudolph said the pair could move higher as long as it trades above 1.1681.
"While the EUR/USD remains above its peak at 1.1681, while it remains above here, there is room for further gains with the recent record at 1.1848 in the outlook. Back, an increase above which will put the 1.2042 of 2012 on the map. Even higher is set the 50% retreat from the bearish movement of the 2014 high at 1.2168 ".
"There was a drop below the 1.1681 level, however, the 1.1621 / 1.1576 area is the target. That is where the July low meets the five-month support line."
"The break in the bullish trend line of five months will cause losses in the mid-June high at 1.1296 and the most important 1.1110 at the end of May."