EUR/USD is on the back foot once again, struggling with a stronger US Dollar. 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.
We do not see the upside potential within this consolidation in the longer-term downtrend. Prices will meet plenty of resistance between the declining MA-50 line at 1.1481 and the upper end of the falling trend channel and horizontal line, both around 1.1530.
A close below 1.1215 is necessary to expect a continuation of the downtrend with next horizontal support coming in around 1.1115, “ING notes.
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