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What is the technical outlook for EUR/USD?

Here is their view, courtesy of eFXdata:

Bank of America Global Research discusses EUR/USD technical outlook and  maintains a bearish bias targeting a move towards 1.1490.

“We see a path lower in euro to the 1.1490/1.1550 area while below the Sept 10th high of 1.1917. A 335 corrective wave pattern has formed. The 200d SMA is still rising however will begin to flatten near 1.14 in a spot decline offering another support levels.

“We note the DXY is breaking its key trend line in the 93.40s. This is tactically bullish the USD (DXY) especially on a daily close above a key trend line at 93.40. This would trigger a rally into the 95s and may reach the declining 200d SMA currently at 96.68,” BofA adds.

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