Bank of America Global Research flags a bearish technical pattern in EUR/USD.

"Based on our view that the weekly chart of EURUSD is forming a H&S top pattern, we recommended positioning for euro weakness into summer via a EURUSD 1.15/1.13 3m put spread,"BofA notes.

"A May 22 weekly close below 1.1625 would support this setup and downside toward the 1.1411 / 1.1392 neckline. A break below the neckline can lead to 1.11 / 1.0958 (200wk SMA). A recovery rally above Q2 highs at 1.1797-1.1849 would cancel this pattern," BofA adds.