BofA Merrill Lynch notes .... While yesterday's moves in foreign exchange were extreme (indeed, yesterday's EUR/USD move was the largest since March-18 2009), they failed to damage the larger US $ Index bull trend and EU…
While yesterday's moves in foreign exchange were extreme (indeed, yesterday's EUR/USD move was the largest since March-18 2009), they failed to damage the larger US $ Index bull trend and EUR/USD bear trend.
From the perspectives of trend, momentum and pattern recognition, all three say to stay the course for the US $ Index to 106 and EUR/USD to 1.0283 and potentially below.
While choppy conditions could persist in the near term, as long as we remain below 1.1098/1.1127 in EUR/USD (old Jan-29 low and the 34d MA) and above 95.91 in the US $ Index (34d MA), the trend is your friend.
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