EUR/USD dropped as the market mood dampened. What’s next?
Here is their view, courtesy of eFXdata:
ING Research discusses EUR/USD technical outlook and maintains a ‘down’ rating on a multi-days basis.
“The short-term upside potential is very limited with overhead resistance in the long-term downtrend coming in between the declining MA-50 line at 1.1505, the horizontal line around 1.1530 and the upper end of the long-term falling trend channel coming in around 1.1560.
Therefore, we prefer to stick to our ‘Down‘ rating as the next lower top should be close at hand followed by a continuation of the downtrend. There is a bullish target at 1.1520 as a result of the short-term strength, but the longer-term view remains bearish with the bearish target unchanged at 1.1095 and lower targets building,” ING notes.
All in all, we recommend selling the rallies,” ING adds.
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