ING discusses EUR/USD technical outlook and shifts back to a neutral bias on a multi-days basis.
"Prices are finding support at the horizontal line around 1.1215 in combination with an improving daily momentum chart. This likely suggests a rebound in the next few days and therefore we like to switch to a ‘Neutral’ rating. We are not bullish and will use the expected next rally as a selling opportunity to downgrade our rating again. Nevertheless, a pull-back towards the topping MA-50 line at 1.1317 should at least be expected with the upper end of the falling trend channel offering resistance around 1.1400," ING notes.
"We recommend selling the rallies towards the 1.1317-1.1400 resistance area and only a close below the horizontal support around 1.1215 followed by a decline below the next crucial horizontal support around 1.1115 would be bearish. That would confirm the next sell-off within the long-term downtrend," ING adds.