EUR/USD moved up as the US Dollar sold off as a result of the Mid-Terms. What’s next?
Here is their view, courtesy of eFXdata:
ING discusses EUR/USD technical outlook and changes its multi-days rating bias from ‘down’ to ‘neutral.’
“The short-term bearish set-up for a decline below the August at 1.1301 is violated by yesterday’s close above the horizontal resistance and falling trend line, both around 1.1415. This break is followed by a solid rise today, confirming the short-term trend change. However, we consider the upside potential as limited with prices meeting overhead resistance between the slowly declining MA-50 line at 1.1553, the horizontal line around 1.1615 and the declining EMA-200 line at 1.1693,” ING argues.
“Our longer-term view remains bearish and therefore we recommend selling on strength towards this resistance area in the development of another lower top,” ING adds.
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