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Nov 04 - 12:55 PM

EUR/USD: Path Still Seen Lower While Below 1.1917 With DXY Staying Above 93.40 - BofA

By eFXdata  —  Nov 04 - 10:55 AM

Bank of America Global Research discusses EUR/USD technical outlook and maintains a bearish bias targeting a move towards 1.1490.

"We see a path lower in euro to the 1.1490/1.1550 area while below the Sept 10th high of 1.1917. A 335 corrective wave pattern has formed. The 200d SMA is still rising however will begin to flatten near 1.14 in a spot decline offering another support levels.

"We note the DXY is breaking its key trend line in the 93.40s. This is tactically bullish the USD (DXY) especially on a daily close above a key trend line at 93.40. This would trigger a rally into the 95s and may reach the declining 200d SMA currently at 96.68," BofA adds. 

Source:
BofA Global Research

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