EUR/USD: S/T Support Within Sideways Pattern Between 1.1374 & 1.1315 – ING

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EUR/USD is getting comfortable at the higher end of the range. What’s next?

Here is their view, courtesy of eFXdata:

ING discusses EUR/USD technical outlook and flags the recent sideways consolidation pattern in the near-term. 

“The daily momentum chart is not improving despite yesterdays rise within the consolidation pattern. This is confirming our view that there will be no upside within this consolidation pattern. The strong resistance area remains unchanged between the horizontal line around 1.1530 and the declining EMA-200 line at 1.1579,” ING notes. 

Short-term support within this sideways pattern comes in between the flat MA-50 line at 1.1374 and the underlying trend line around 1.1315. A close below this trend line is required to expect a resumption of the long-term downtrend,” 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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