ING discusses EUR/USD technical outlook and maintains a bearish bias on a multi-days basis.
"The longer-term trend is down and we are waiting for a continuation of the downtrend below the March low at 1.1176 and a close below the horizontal support around 1.1115 likely suggests the beginning of a sell-off within the downtrend. However, until then, we cannot rule out prices rallying back and forth within a short-term consolidation pattern," ING notes.
"A close above yesterday’s high at 1.1255 will confirm the likelihood of further short-term gains within a sideways consolidation. However, the upside potential remains limited with resistance starting at the declining MA-50 line at 1.1325 with the upper end of the falling trend channel coming in around 1.1405," ING adds.