Home Bearish EUR; Bullish Gold – Levels & Targets – BofA

Bearish EUR; Bullish Gold – Levels & Targets – BofA

Gold managed to  emerge as one of the winners from the  recent market turmoil. On the other side of the equation, the euro suffered from the removal of the Swiss bid.

The team at Bank of America Merrill Lynch analyzes the charts and sets targets:

Here is their view, courtesy of eFXnews:

Gold in Euros ( XAU/EUR) continues to trend higher towards its measured target of 1100, notes Bank of America Merrill Lynch.

“While this could be a near term sticking point, on a longer term basis XAU/EUR has significant topside,” BofA adds.

“Indeed, the Gold (in USD) break above 1255/1253 resistance (Oct-21 high and the 200d); clears the way for 1345 and beyond,” BofA projects.

Spot Gold daily chart January 16 2015 bullish from BofA Merrill

Meawhile, with the break of 1.2000 in EUR/CHF, BofA reiterates its bearish EUR view.

EUR/USD could see a pause into 1.1555/1.1500 support, but bounces should be sold. Gains should not exceed 1.1767/1.1841. We continue to target 1.1212 (61.8% of the 2000/2008 advance) ahead of 1.0588/1.0283,” BofA advises

Meanwhile BofA remains short EUR/GBP for 0.7582, ahead of 0.7539 and potentially below.


EURUSD stay bearish while risk of near term bounce stay to the downside January 16 2015 Merrill BofA

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.