EUR/USD: Increasing Risk Of Testing 1.1115; S/T Targets At 1.1050, 1.0975 & 1.0755 – ING

0

EUR/USD has been on the back foot amid a worsening market mood. 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.

“Todays violation of the short-term support line around 1.1180 is weakening the picture within the consolidation pattern. This is suggesting an increased risk of continuing the downtrend below the crucial horizontal support around 1.1115. Please keep in mind that we should see a downward acceleration below this crucial support level. The April 2017 gap at 1.0738-1.0821 will be the first reference point with the lower end of the falling trend channel offering support around 1.0790. Our short-term bearish targets are unchanged at 1.1050, 1.0975 and 1.0755,” ING notes.

All in all, our rating remains at Down and we are expecting a test of the crucial horizontal support around 1.1115 on a short-term basis,” ING adds. 

For lots more FX trades from major banks, sign up to eFXplus

By signing up for eFXplus via the link above, you are directly supporting Forex Crunch.

Get the 5 most predictable currency pairs

About Author

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.