ANZ Research discusses EUR/USD technical outlook.

"EUR/USD remains technically weak, trading around 1.12 and well below its major moving averages. However, downside momentum is easing. The RSI has recovered to 36 after moving into oversold territory, while MACD is beginning to flatten," ANZ notes.

'"We would therefore be cautious about chasing the pair lower at current levels. We see initial support at 1.115 and next at 1.11, with resistance at 1.13 and 1.14," ANZ adds.