ING discusses EUR/USD technical outlook and maintains a bearish bias on a multi-days basis but sees technical picture as indecisive over the coming 2 weeks.
"The short-term picture, the coming 2 weeks, remains indecisive as long as prices are successfully consolidating above the crucial horizontal support around 1.1115. That is still not ruling out a continuation of a consolidation within the longer-term downtrend, although the upside potential is limited. First strong resistance comes in between the declining MA-50 line at 1.211 and the horizontal line around 1.1215. Overhead resistance comes in at the upper end of the long-term falling trend channel around the 1.1290 area," ING notes.
"We are still expecting a downside breakout below the crucial horizontal support around 1.1115 in the coming weeks. This will trigger a serious Sell signal and resumption of the long-term downtrend with next solid support coming in at the lower end of the long-term falling trend channel around 1.0760. There are still short-term bearish targets at 1.1050, 1.0975, 1.0830 and 1.0755," ING adds.