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EUR/USD: Support intact, room for gains limited – ING
1.1110 is the key technical floor for EUR/USD. ING’s Chris Turner identifies this as the 50% retracement of the previous rally. Some profit-taking on short positions is likely, but ING sees little justification for a sustained rebound.
1.1110 Support Holds, With Limited 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."
"Expect EUR/USD to trade well within a 1.1140-1.1200 range today."
(An Artificial Intelligence tool assisted in creating this article, which was reviewed by an editor. Learn more.)
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