EUR/USD: Tactically Neutral Here; Upside Potential Limited To MA-50 Ahead Of EA-200 – ING


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.

Get the 5 most predictable currency pairs

About Author

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.

Comments are closed.