EUR/USD: Turning Tactically Bearish But Needs A Close Below 1.1115 For A Serious Sell Signal – ING

Apr 28,2019 19:25   Source:Forex Crunch

EUR/USD managed to partially recover the lost ground ahead of the weekend but remains on the back foot as exit polls in Spain show a mixed picture. What’s next?

Here is their view, courtesy of eFXdata:

ING discusses EUR/USD technical outlook and shifts to a bearish bias on a multi-day basis.

“Prices plummeted yesterday, closing below the horizontal support at 1.1215 and making new short-term lows below the March low at 1.1177 and the recent April low at 1.1184. This is confirming the view that the upside potential was and is very limited and that the risks are on the downside. This sell-off triggered a minor Sell signal and therefore we like to downgrade our rating to Down from Neutral’,’ ING notes. 

“However, a close below the next horizontal support around 1.1115 is required for a serious Sell signal in expecting a sharp decline thereafter. Until then, we cannot rule out the start of another consolidation within the long-term downtrend before the horizontal support around 1.1115 will break. The short-term upside potential is limited with strong horizontal resistance at the former breakout level at 1.1215 with the declining MA-50 line coming in at 1.1286. There are short-term bearish targets at 1.1050, 1.0975 and 1.0830,” 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.

The post EUR/USD: Turning Tactically Bearish But Needs A Close Below 1.1115 For A Serious Sell Signal – ING appeared first on Forex Crunch.



沪ICP备13043996号-3  TradeQQ Media Group 汇讯通