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EUR/USD: Near Next S/T Sell-Off; USD/JPY: Sideways – ING

The US dollar suffered a beating of late. Is it time for a  comeback  against at least one currency?

Here are the views from ING:

Here is their view, courtesy of eFXnews:

EUR/USD prices improved significantly over the past few days, violating the short-term bearish view.

“The daily chart shows that prices are building momentum after the break above the MA- 50 line at 1.0887, suggesting further gains in the next few days,” notes ING.

“However, we consider the short-term upside potential to be limited with next horizontal resistance coming in within the 1.1030-1.1045 area. From here we should expect the next short-term sell-off,” ING projects.

The longer-term picture is following our path of a larger consolidation pattern in the downtrend between 1.0450/1.0150 at the lower side and 1.1490/1.1660 at the upper end. All in all, we raised our short-term rating to ‘Neutral’ from ‘Down‘,” ING adds.

EURUSD April 29 2015 technical chart ready for a sell off euro dollar

In  USD/JPY, ING notes that the long-term overall picture remains sideways between 116.25 and 121.50.

“Within this trading range prices are developing a dull narrow trading range between 118.30 and 120.50,” ING projects.

“Short-term selling pressure towards 118.30 and possibly lower should be expected as long as prices are moving below the MA-50 line at 119.83,” ING adds.

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Yohay Elam

Yohay Elam

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 a 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.