Analysts at UOB Group explained that the break below 1.1200 was not surprising and indicates that the bullish EUR phase that started on the 11 Mar has ended.
Key Quotes:
“While further EUR strength is still expected further out, this is likely only after a period of consolidation.
In other words, the outlook for the next couple weeks is viewed as neutral and we expect this pair to trade within a broad 1.1120/1.1375 range.”
(Market News Provided by FXstreet)