Double bottom needs to break mid-1.13s in EUR/USD, staying bullish - BAML

Author: Adam Button | Category: News

Bank of America on the euro

Bank of America Merrill Lynch Research discusses EUR/USD technical outlook and maintains a bullish bias in the near-term, expressing that via holding a long position with an initial target at 1.1550.

"This week, we can see a double bottom pattern forming since EURUSD rallied off last month's post ECB lows.

Such a rally has formidable resistance to break in the mid 1.13s (trend lines and cluster of moving averages) as well as the March peak at 1.1448. We look for price action to further validate our view this month," BofAML notes.

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