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Jun 13 - 10:55 AM

EUR/USD: Euro Is Sitting On A Cliff Edge; Monthly Close Key - BofA

By eFXdata  —  Jun 13 - 10:14 AM

Bank of America Global Research discusses EUR/USD technical outlook and sees a scope for a move towards 1.0350 in the near-term.

"Price already broke below two long term trend lines (dashed red). Momentum in the decline continued to accelerate while these breaks occurred, which is bearish. No bottom in the daily charts means this support probably breaks as euro falls," BofA notes. 

"A decision by markets to push euro below 1.0517 (which is the Dec-2016 close) ending May or any month this year will technically favor the beginning of a new and weaker euro. Given the DXY monthly chart pictured second has already broken out to new 20y highs, it seems this would be the path of least resistance with or without an RSI (momentum) correction.

Risks here remain to the downside until a bottom forms. To brainstorm on how that might happen, maybe a double bottom at 1.0350 occurs with this selloff retesting the YTD lows and turning up. This remains to be seen," BofA adds. 


BofA Global Research


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