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Thomson Reuters
Apr 12 - 01:24 PM
EUR/USD: Double Bottom Needs To Break Mid-1.13s To Confirm; Staying Bullish & Long - BofAML
First appeared on eFXplus on Apr 12 - 12:00 PM

Bank of America Merrill Lynch Research discusses EUR/USD technical outlook and maintains a bullish bias in the near-term, expressing that via holding a long position with an initial target at 1.1550.

"This week, we can see a double bottom pattern forming since EURUSD rallied off last month's post ECB lows.

Such a rally has formidable resistance to break in the mid 1.13s (trend lines and cluster of moving averages) as well as the March peak at 1.1448. We look for price action to further validate our view this month," BofAML notes.


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BofA Merrill Lynch Research/Market Commentary


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