EUR/USD dropped as the market mood dampened. What’s next?
Here is their view, courtesy of eFXdata:
ING Research discusses EUR/USD technical outlook and maintains a ‘down’ rating on a multi-days basis.
“The short-term upside potential is very limited with overhead resistance in the long-term downtrend coming in between the declining MA-50 line at 1.1505, the horizontal line around 1.1530 and the upper end of the long-term falling trend channel coming in around 1.1560.
Therefore, we prefer to stick to our ‘Down’ rating as the next lower top should be close at hand followed by a continuation of the downtrend. There is a bullish target at 1.1520 as a result of the short-term strength, but the longer-term view remains bearish with the bearish target unchanged at 1.1095 and lower targets building,†ING notes.
All in all, we recommend selling the rallies,†ING adds.Â
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.
