Here is their view, courtesy of eFXdata:
ING discusses EUR/USD technical outlook and maintains a neutral bias on a multi-day basis while looking for more signs of a top and turn in the near-term.
“The short-term recovery continues, although the upside potential is limited as prices are nearing overhead resistance between the topping MA-50 line and the upper end of the long-term falling trend channel, both around 1.1360.
We are still looking for a top around this area followed by the next decline. A close below the horizontal support around 1.1115 is required for a Sell signal and the start of a sharp sell-off. Until then, we cannot rule out prices rallying back and forth within a consolidation pattern. We are looking for a bearish set-up around current levels to downgrade our short-term rating,” ING notes.
“A break above the short-term resistance area 1.1360 is not our expectation, but if so we could see further upside towards the next strong resistance area between the declining EMA-200 line at 1.1492 and the horizontal line around 1.1540,” 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.
Share
