BofA: EUR/USD is forming a bottom
These days not so many traders stay in on a bullish side in EUR/USD. Bank of America Merrill Lynch is a rare example.
According to analytsts at Bank of America Merrill Lynch, if EUR/USD manages to stay above 1.2510, this will mean the bottom was formed and that the medium-term trend has turned bullish.
"In the weeks ahead, we look for a period of choppy range-trading between the 1.3000/1.2300 area before the long-term bear trend resumes for 1.1706 and, potentially, below," BofA concludes.