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Sep 18 - 02:55 PM

EUR/USD: Made A Second Lower Low Rounding Out A Top; Potential For A Decline To 1.15s - BofA

By eFXdata  —  Sep 18 - 01:30 PM

Bank of America Global Research discusses EUR/USD technical outlook and flags a scope for testing 1.115s over the coming weeks. 

"EUR/USD made a second lower low rounding out a top. The euro remains well supported in the 1.17s as the market has bought it there five times steering off a larger decline," BofA notes. 

"Price action after the Fed led to a test of the 50d SMA and second lower low in last three weeks. While the bounce in the BBDXY progresses in the coming weeks, we should expect euro to stay within its rising channel (roughly 1.1725-1.2020) and for potential to grow for a decline to the 1.15s," BofA adds. 

Source:
BofA Global Research

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