EUR/USD: Bearish Outside-Week As Resistance Holds H&S Top – BofAML

The euro dropped on the Italian crisis but managed to recover gradually. What’s next?

Here is their view, courtesy of eFXdata:

Bank of America Merrill Lynch discusses EUR/USD technical outlook and adopts a tactical bearish bias.

“Ending Q3, EUR/USD formed a bearish outside week in a cluster of resistance we have been watching.

The resistance pocket (right shoulder and old trend line) remain a barrier to higher EUR/USD.

We think the bearish outside week, declining 200wk SMA, head and shoulders top and cluster of resistance from multiple technical methods lead EUR/USD lower, at least in the near term,” BofAML argues. 

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