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EUR/USD: S/T Technical Picture Remains Indecisive Over Coming 2 Weeks – ING

EUR-UDS has managed to push higher thanks to a falling 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-days basis but sees technical picture as indecisive over the coming 2 weeks.

“The  short-term picture, the coming 2 weeks, remains indecisive as long as prices are successfully consolidating above the crucial horizontal support around 1.1115. That is still not ruling out a continuation of consolidation within the longer-term downtrend, although the upside potential is limited. First strong resistance comes in between the declining MA-50 line at 1.211 and the horizontal line around 1.1215. Overhead resistance comes in at the upper end of the long-term falling trend channel around the 1.1290 area,” ING notes.

We are still expecting a downside breakout below the crucial horizontal support around 1.1115 in the coming weeks. This will trigger a serious Sell signal  and resumption of the long-term downtrend with next solid support coming in at the lower end of the long-term falling trend channel around 1.0760. There are still short-term bearish targets at 1.1050, 1.0975, 1.0830 and 1.0755,” ING adds.

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Yohay Elam

Yohay Elam

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 a 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.