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May 18 - 12:55 PM

EUR/USD: Lacks A Bottom; Rallies Still A Sell - BofA

By eFXdata  —  May 18 - 12:00 PM

Bank of America Global Research discusses EUR/USD technical outlook on the daily chart.

"Our base case year ahead view was that euro could see the 1.08s and that would be an ideal place for a bottom to form. In March it fell to the 1.08s and rallied to 1.1180. Then it declined back to the 1.08s in mid-April but couldn't hold. The break lower led spot to test the 2017 lows at 1.0341. Tactically, euro is showing some support here due to two trend lines aligning," BofA notes. 

"We lack bottom or bullish signals at this point to say the euro will turn significantly higher. Until we do, we presume a rally will be sold. An optimistic scenario would be a rally back to retest the line in the 1.08s that was support and turns into resistance. Notable resistance for a bounce at about 1.0650," BofA adds. 

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Source:
BofA Global Research

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