ING Research discusses EUR/USD outlook and sees a scope for a limited decline in the near-term.

"It was interesting to read in the FOMC minutes - under the market developments section - that the Fed felt it was interest rate differentials and the improved Rest of World growth prospects that had been weighing on the dollar into January. These are the factors we have been using in our scenario analyses.  For the short term, EUR/USD remains soggy and it is hard to rule out a break under 1.0600 towards the 1.05 area," ING notes.

"Our game plan remains that 1.04/1.05 could now be some of the lowest EUR/USD levels of the year - but it feels like EUR/USD could trade on the offered side for a few weeks yet," ING adds.