EUR/USD: Support holds but upside limited – ING

ING’s Chris Turner highlights that a key technical level at 1.1110 is providing a floor for EUR/USD, marking a 50% retracement of the prior rally. While some profit-taking on short positions is likely, ING sees a weak case for a sustained bounce.

Key support at 1.1110 but capped upside

"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."

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"Expect EUR/USD to trade well within a 1.1140-1.1200 range today."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)

РЫНОЧНЫЕ КОТИРОВКИ

Название / Символ
График
% Изменение / Цена
GBPUSD
Изменение за 1 д.
-0.87%
1.3311
EURUSD
Изменение за 1 д.
-0.76%
1.11339
USDJPY
Изменение за 1 д.
+0.60%
159.129
AUDUSD
Изменение за 1 д.
-0.61%
0.68699