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Here is their view, courtesy of eFXdata:

ING discusses EUR/USD technical outlook and  maintains a neutral bias on a multi-day basis while looking for more signs of a top and turn in the near-term.

“The short-term recovery continues, although the upside potential is limited as prices are nearing overhead resistance between the topping MA-50 line and the upper end of the long-term falling trend channel, both around 1.1360.

We are still looking for a top around this area followed by the next decline. A close below the horizontal support around 1.1115 is required for a Sell signal and the start of a sharp sell-off.  Until then, we cannot rule out prices rallying back and forth within a consolidation pattern.  We are looking for a bearish set-up around current levels to downgrade our short-term rating,” ING notes.

“A break above the short-term resistance area 1.1360 is not our expectation,  but if so we could see further upside towards the next strong resistance area between the declining EMA-200 line at 1.1492 and the horizontal line around 1.1540,” ING adds.

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