FXstreet.com (Barcelona) - After dipping to the boundaries of the key support at 0.8500, the pair bounced more than 50 pips propped up by a rising buying interest in the single currency and sudden weakness around the pound.

“We look for the near term rebound from the 0.8417 low to test the 55 day ma at 0.8581. There is scope for a move to the top of its cloud at 0.8663, where we look for the up move to falter”, suggested Karen Jones, Head of FICC Technical Analysis at the German lender Commerzbank.