Outlook for EUR/USD

BofA Merrill Lynch notes:

With Bund yields turning, EUR/USD is likely to stall out and turn lower; particularly given its proximity to almost year-long trendline resistance at 1.1393. Against here, the larger downtrend for 1.0283/1.0000 remains on firm footing. 

However, for now, we recommend staying away until a break of 3m channel support at 1.0870. This would confirm an end to the counter-trend price action and herald in a return to a trending environment.