EUR/USD price action indicates that the corrective downtrend from mid-Sep highs of 1.31787/72 has run its course and that the larger bull trend is resuming, says Bank of America Merrill Lynch.
Thus, against a break of 1.2691, BofA sees the pair's path of least resistance is higher for 1.3178/72, potentially 1.3285/1.338o.
In the meantime, BofA warns that the "1.2830/51 area resistance may prove sticky on the initial go-around, particularly as intra-day momentum is overbought and diverging."
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