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Aug 23 - 12:55 PM

EUR/USD: Staying Bearish While Below 1.1847 Targeting 1.1605 Ahead Of 1.1495 - BofA

By eFXdata  —  Aug 23 - 10:45 AM

Bank of America Global Research discusses EUR/USD technical outlook and maintains a bearish bias against 1.1847.

"Euro is breaking down in line with the death cross and the aforementioned analysis on the USD indices. Bearish bias remains while below / closing below the 50d SMA now at 1.1847. Conviction challenged if above the 50d SMA for consecutive days and/or above the trailing high at 1.1910," BofA notes. 

"Downside targets include 1.1605 and 1.1495. The 61.8% retracement at 1.1290 looks a bit far given recent memory, but it could be achievable and is noteworthy if the DXY gets to its targets," BofA adds. 

Source:
BofA Global Research

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