BofA Merrill Lynch notes in a report on Tuesday
- EUR/USD has broken above key near term resistance in the form of the 20 period MA on 240min charts (1.0568).
- This moving average defined the downtrend since late Feb and its shift from resistance to support points to a near term turn in trend.
- Further supportive of the EUR is the fact that EUR/GBP has begun an impulsive advance from its Mar-11 low of 0.7014, pointing to further gains towards 0.7280 and potentially as far as 0.7405/0.7429.
