EUR/USD was on the back foot as the week drew to a close but it held up above 1.13. What’s next?
Here is their view, courtesy of eFXdata:
ING discusses EUR/USD technical outlook and maintains a neutral bias on a multi-days basis.
Totally no strength within the recovery after prices violated the falling trend line and horizontal line, both around 1.1415. Prices only made a high at 1.1500 this Wednesday from where prices traded lower again.
A close below the August low at 1.1301 would be bearish, suggesting a resumption of the long-term downtrend. This downside break would suggest a sharp sell-off, so please be prepared.
However, please have a look at the daily momentum chart below. This indicator is still not too bearish and therefore we prefer to leave our short-term rating unchanged at ‘Neutral‘.” ING argues.
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