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Jan 14 - 12:55 PM

EUR/USD: Trader May Try To Buy Dips Into 1.1380 With Stops Around 1.1280 - BofA

By eFXdata  —  Jan 14 - 10:45 AM

Bank of America Global Research discusses EUR/USD technical outlook and sees a scope for a tactical long into dips around 1.1380.

"A six-week consolidation formed an ascending triangle bottom pattern. These patterns tend to be bullish in uptrends because the bottom of the triangle is rising (ascending). By rising it represented accumulation at higher lows. The market’s reaction to US CPI data caused euro to rally and confirm the bottom pattern and tactical upside. Trend line resistance was also broken," BofA notes. 

"The next pivot zone is at 1.15-1.1530 and the 200d SMA at 1.1730. Traders may try to buy a pullback to 1.1380. The bottom pattern remains while above the rising black trend line now at 1.1280. Should euro break below this, it will appear bearish, again," BofA adds. 

Source:
BofA Global Research

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