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Nov 09 - 05:00 PM
EUR/USD: Staying Neutral N-Term; A Close Below 1.1301 Would Point To A Sharp Sell-Off - ING
First appeared on eFXplus on Nov 09 - 12:30 PM

ING discusses EUR/USD technical outlook and maintains a neutral bias on a multi-days basis.

Totally no strength within the recovery after prices violated the falling trend line and horizontal line, both around 1.1415. Prices only made a high at 1.1500 this Wednesday from where prices traded lower again.

A close below the August low at 1.1301 would be bearish, suggesting a resumption of the long-term downtrend. This downside break would suggest a sharp sell-off, so please be prepared.

However, please have a look at the daily momentum chart below. This indicator is still not too bearish and therefore we prefer to leave our short-term rating unchanged at Neutral." ING argues. 

ING Research/Market Commentary


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