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Jul 29 - 06:55 PM

EUR/USD: Looking To Buy Aug/Sept Dip On A Weekly Close Above 1.1760 - BofA

By eFXdata  —  Jul 29 - 03:30 PM

Bank of America Global Research discusses EUR/USD technical outlook and highlights a bullish setup on a weekly close above 1.1760.     

"EUR/$: 12 year old downtrend line narrowly broken. Ending the third week of July, euro closed at 1.1656 which is above its weekly closing resistance line at 1.1644 (a small bullish breakout). To further confirm this break, look for a second weekly close above 1.1644 and/or a weekly close above 1.1760 which is more than 1% above this trend line," BofA notes. 

If this occurs then it supports the bullish evidence building in and to buy a forthcoming Aug/Sept dip. In the aforementioned report we also highlight a trend line at 1.1820. Note that a 38.2% retracement of the decline beginning in 2009 is at 1.2550," BofA adds. 

Source:
BofA Global Research

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