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 it…
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.
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