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EUR/USD downtrend is set to resume

Friday, May 29, 2015 5:54 PM UTC

BofA Merrill Lynch:

Its time to sell EUR/USD. The corrective bounce from the 1.0815, May-27 low is drawing to a conclusion.

The confluence of resistance between 1.1012/1.1062 should limit the topside (indeed, EUR/USD shouldn't break 1.1062) before a resumption of the larger downtrend towards 1.0617/21 (2.5m channel support) and eventually below.

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EUR/USD downtrend is set to resume

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