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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.


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