EUR/USD: Lacks a bottom; rallies still a sell – BofA

Financial institution of America World Analysis discusses EUR/USD technical outlook on the each day chart.

“Our base case yr forward view was that euro may see the 1.08s and that might be a great place for
a backside to kind. In March it fell to the 1.08s and rallied to 1.1180.
Then it declined again to the 1.08s in mid-April however could not maintain. The break decrease led spot to check the 2017 lows at 1.0341. Tactically, euro is exhibiting some help right here because of two development strains aligning,” BofA notes.

We lack backside or bullish indicators at this level to say the euro will flip considerably increased. Till we do, we presume a rally shall be bought. An optimistic state of affairs could be a rally again to retest the road within the 1.08s that was help and turns into resistance. Notable resistance for a bounce at about 1.0650,” BofA provides.

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