EUR/USD: ANZ recommends short positions

The stabilisation of the euro continues with a EUR/USD that remains inside of the 1.10-1.15 range, ANZ bank says.

"A resolution of the Greek case could reduce downside risk but a weak euro is necessary for the economic recovery to continue. The risk level in terms of monetary policy leans toward observing additional QE.

We therefore continue to favour a lower euro against the USD, especially as US growth recovers in Q2 and the FOMC seems closer to a rate hike. We recommend selling EUR/USD." says the ANZ bank.