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

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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. 

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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.