29 Apr 2015
EUR/USD: time to turn bearish again – BAML
FXStreet (Barcelona) - MacNeil Curry, CFA, CMT, Technical Strategist at BofA-Merrill Lynch, maintains a bearish outlook on EUR/USD, and suggests getting short on the pair, targeting 1.0283 levels.
Key Quotes
“Since mid-March, €/$ has been caught in an increasingly well defined contracting range. While this range can persist for another week or two, it is nearing its conclusion.”
“Indeed price should not exceed 1.0932/1.1000 (55d MA and Triangle resistance) and can't exceed the Mar-26 high at 1.1053.”
“With seasonality about to turn bearish (May is the second weakest month of the year for €/$), its almost time to get short again. GET READY. Downside targets are seen to 1.0283 ahead of parity. Below 1.0550/1.0521 (Triangle support & Apr-13 low) says the downtrend has resumed.”
Key Quotes
“Since mid-March, €/$ has been caught in an increasingly well defined contracting range. While this range can persist for another week or two, it is nearing its conclusion.”
“Indeed price should not exceed 1.0932/1.1000 (55d MA and Triangle resistance) and can't exceed the Mar-26 high at 1.1053.”
“With seasonality about to turn bearish (May is the second weakest month of the year for €/$), its almost time to get short again. GET READY. Downside targets are seen to 1.0283 ahead of parity. Below 1.0550/1.0521 (Triangle support & Apr-13 low) says the downtrend has resumed.”