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EUR/USD has been on the back foot but ticked back up to hug the 1.14 level. What’s next?

Here is their view, courtesy of eFXdata:

ING discusses EUR/USD technical outlook and  maintains a bearish bias on a multi-day basis.

“The short-term picture remains weak with the daily chart showing a decline from  the late September high around 1.1800. This trend line is offering resistance around 1.1485. The short-term downside risk remains intact below this trend line. Prices are currently consolidating below the former horizontal support around 1.1415.

A decline below last Fridays low at 1.1335 would be bearish, suggesting a resumption of the long-term downtrend below the August low at 1.1301.

Please be alert, as a sharp sell-off should be expected in case of a decline below the 1.1301 level. We have short-term bearish targets at 1.1290, 1.1270, 1.1250, 1.1160 and 1.1095,” ING argues.  

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