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.
“Today’s 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.
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