"The successful consolidation above the former neck line around 109.75 of the completed long-term bottom formation continues. A close above the flat EMA-200 line at 110.19 would mark the development of a short-term bottom.
Please note that the daily chart might develop a potential falling wedge pattern during this consolidation. That said, a close above the falling trend line and flattening MA-50 line, both around 111.00, would complete this short-term bullish pattern, triggering a Buy signal," ING notes.
For now, we stick to our ‘Neutral’ rating waiting for confirmation by a close above 111.00," ING adds.