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.