Search ForexCrunch

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 yesterdays 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.  

For lots  more FX trades from major banks, sign up to eFXplus

By signing up for eFXplus via the link above, you are directly supporting  Forex Crunch.