EUR/USD is on the back foot, suffering from US Dollar strength, Italy, and Brexit. What’s next?
Here is their view, courtesy of eFXdata:
ING Research discusses EUR/USD technical outlook and maintains a down bias on a multi-days basis.
“Prices stayed below the declining MA-50 line, currently at 1.1409, on a closing basis despite yesterday‘s high at 1.1442. However, the improving daily momentum chart still suggests higher prices in the next few days, although the upside potential remains very limited.
Next first resistance comes in at the upper end of the falling trend channel around 1.1480 with next overhead resistance in the long-term downtrend coming in between the horizontal line around 1.1530 and the declining EMA-200 line at 1.1620,” ING notes.
“A violation of the short-term support line around 1.1330 suggests the likelihood of a continuation of the long-term downtrend, confirmed below the November low at 1.1250,” ING adds.
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