EUR continues to struggle: BofA Merrill Lynch

EUR continues to struggle, especially against GBP. Indeed, evidence says that EUR/GBP is topping out and resuming its long term downtrend following the break of multi-week pivot/ support at 0.7304/0.7295 and the turn of old support into new resistance at 0.7334. Through 0.7174/0.7166 confirms, targeting the Mar-11 lows at 0.7014 and below. 

EUR/USD bears need a break of 1.0613 (the Mar-19 low) to confirm a resumption of the larger bear trend.