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20 May 2015
EUR/USD resuming its long term downtrend – BAML
FXStreet (Barcelona) - MacNeil Curry, CFA, CMT, Technical Strategist at BofA-Merrill Lynch, believes that EUR/USD is topping out and resuming its long term downtrend towards 1.0263.
Key Quotes
“€/$ has broken below the confluence of near term support at 1.1165/1.1131 (2m, old channel resistance, now support and the May-11 low). As highlighted in the most recent KrystalBull, a break below here is needed to indicate a top and resumption of the long term bear trend. Going forward, bounces should be sold.”
“Next support to note is seen at 1.1053/1.1036 (old Mar/Apr highs), but these should be only a temporary stopping points ahead of 1.0535/98 (2m channel base), then 1.0462 (Mar-16 low), and then the 1.0283, long term targets.”
Key Quotes
“€/$ has broken below the confluence of near term support at 1.1165/1.1131 (2m, old channel resistance, now support and the May-11 low). As highlighted in the most recent KrystalBull, a break below here is needed to indicate a top and resumption of the long term bear trend. Going forward, bounces should be sold.”
“Next support to note is seen at 1.1053/1.1036 (old Mar/Apr highs), but these should be only a temporary stopping points ahead of 1.0535/98 (2m channel base), then 1.0462 (Mar-16 low), and then the 1.0283, long term targets.”