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EUR/USD correction an excellent sell opportunity – BAML

FXStreet (Barcelona) - MacNeil Curry, CFA, CMT, Technical Strategist at BofA-Merrill Lynch, sees EUR/USD correction heading into a triangular formation, possibly a sell signal for parity.

Key Quotes

“The correction in €/$ continues to unfold. However, the correction is turning increasingly Triangular (a range defined by two contracting trendlines). This is one of our favorite patterns and should provide an excellent opportunity to go short for a move toward 1.0000 once the pattern completes. For now, stay patient.”

“Gains should not exceed the 55d at 1.0967, while a break of 1.1053 points to a larger correction than anticipated.”

United States Kansas Fed manufacturing activity unchanged at -2 in April

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EUR/USD jumps above 1.0800

EUR/USD jumped above 1.0800 and reached 3-day highs as the greenback weakened on the back of disappointing housing and manufacturing data while the euro welcomed positive news from Greece.
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