EUR/GBP is resuming its larger downtrend, following the break of 0.7174/0.7166, notes Bank of America Merrill Lynch. "We look for a test and break of the Mar-11 low at 0.7014, ahead of the 0.6900/0.6800 region. Bounces should not exceed the Apr-19 high at 0.7245," BofA projects. Turning to EUR/USD, BofA notes that while the 1.0500-1.1000 range is still intact, its correction is turning increasingly in a 'Triangular' pattern. ...
While Bank of America Merrill Lynch didn't expect the USD Index DXY to remain within its recent corrective range trade (currently consolidating between 99.92 & 96.58), BofA now thinks that this longer than anticipated consolidation has done no damage to the larger bull trend. "Absent a sustained break off 96.58/95.94 we look for a bullish resolution towards 103.85 (Triangle objective) ahead of 106.00 (long term upside target)," BofA argues. It is a slightly different ...
Chinese Beauty
The EUR/USD soared to a near term high at 1.0808 after the release of inflation data and strong comments from Mario Draghi on Thursday. USD outlook has become more balanced which is likely to drive near‐term USD weakness but over the medium term the USD should still be supported. The DXY USD index is flirting with a break below its 50‐day MA, a level it hasn’t traded through since July, accordingly technically the USD index is shifting and ...
Goldman Sachs technical analyst says 'EUR/USD seems to be resuming its trend': It peaked on Monday, right underneath an importantresistance area at 1.1052-1.1099. This region included theinterim high (bearish key day reversal) from Mar. 26th, theinterim low from Jan. 26th and the 55-dma.It's since broken lower from a triangle type pattern(ABCDE). Triangles tend to be characteristic of wave 4swhich in this case suits the underlying wave count andimplies that there is further downside ...
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