An interesting chart and commentary via ING on the euro, especially especially with the ECB meeting on the horizon later this week:

  • Prices are topping below the flat MA-50 line at 1.1387 within the long-term narrow trading range between 1.1215 and 1.1530.
  • The short-term declining daily momentum chart is confirming the selling pressure, suggesting a coming test of the lower end of the trading range around 1.1215.
  • The upside potential remains very limited in case prices are managing to close above the MA-50 line.
  • Resistance is beginning at the falling trend line around 1.1445 with the slowly declining EMA-200 line offering next resistance at 1.1513. Our long-term view remains bearish, but the short-term picture is 'Neutral' as long as prices are moving sideways between 1.1215 and 1.1530
chart and commentary via ING on the euro, especially with the ECB meeting

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I posted some euro technical analysis from Goldman Sachs earlier here: