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EUR/USD: Is Upside Capped Despite Support Holding? – ING
The scope for a sustained EUR/USD rebound looks limited in ING’s view, although some profit-taking on short positions is likely. ING’s Chris Turner points to support at the key technical level of 1.1110, which represents a 50% retracement of the preceding rally.
Can EUR/USD Rebound From Key Support at 1.1110 With Upside Limited?
"A high technical level at 1.1110 is currently providing the floor for EUR/USD."
"But the case for a bounce from this support region is weak."
"And despite seasonal trends normally being bullish for EUR/USD in December, we instead think a hawkish Fed will be the dominant theme into year-end and EUR/USD will at some stage want to press the lower end of a 1.10-1.15 range."
"Expect EUR/USD to trade well within a 1.1140-1.1200 range today."
(An Artificial Intelligence tool assisted in preparing this article, which was reviewed by an editor. Learn more.)
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