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Jul 27 - 01:24 PM
EUR/USD: Triangle Nearing An End; What's The Trade? - BofAML
First appeared on eFXplus on Jul 27 - 09:30 AM

Bank of America Merrill Lynch discusses EUR/USD technical outlook and notes that price action is trading tighter and tighter between two converging trend lines, commonly referred to as a triangle pattern.

"Disciplined technical traders look to follow the breakout by either buying above 1.1750 or selling below 1.16/1.1575. 

Given the five waves that describe the sideways triangular price action, we are inclined to think this pattern resolves lower, which targets the 1.12s, especially while still below the 1.1855 level," BofAML argues. 

Source:
BofA Merrill Lynch Research/Market Commentary

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