EUR/USD: 0.9850/0.9870 resistance to hold any uptick – ING

EUR/USD is attempting a minor bounce towards 0.9800. But in the view of economists at ING, any uptick is set to stall at the 0.9850/0.9870 resistance zone.

Lower gas prices have failed to provide much of a boost

“Earlier this week, we had felt that the sharp fall in European natural gas prices could give the euro a boost. EUR/USD, so far anyway, has failed to enjoy much of a recovery. We can therefore conclude that EUR/USD price action has been poor.”

“0.9850/0.9870 resistance may continue to hold any uptick and prevent a move closer to big channel resistance at 0.9970.” 

“0.92 remains our year-end target for EUR/USD.”