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 Friday‘s 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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