EUR/USD: Consolidating Below 1.1325; Next Support At 1.1225 – ING

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Euro/dollar enjoyed a nice advance but retreated once again. What’s next?

Here is their view, courtesy of eFXdata:

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

“The daily chart is not convincing with prices still consolidating below the former upward sloping trend line around 1.1325. This is not ruling out the making of a lower high followed by the next decline. That would suggest new short-term lows below last weeks low at 1.1234, although the downside potential would likely be limited within this scenario,” ING notes. 

Next solid support comes in between the former upper end of the falling trend channel around 1.1205 and the horizontal line around 1.1115. A close above the MA-50 line at 1.1389 is necessary to expect a continuation of the sideways price pattern of the past few months,” ING adds. 

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Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

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