BofA: Chart: EUR/USD rally may be entering a choppier phase, key levels to watch ...Middle East

Key Points:

EUR/USD rallies often begin with sharp, directional moves but become choppier in the final phase.

Bearish Momentum Divergence:

This is a typical precursor to correction or consolidation, even within a broader uptrend.

On the daily chart, EUR/USD was repeatedly offered above 1.16, failing to close above it.

Summer Correction Risk:

A modestly higher low than May could confirm ongoing bullish structure with temporary weakness.

Despite short-term caution, BofA maintains a long-term target of 1.18–1.20, anchored by the 200-month SMA.

Conclusion:

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This article was written by Adam Button at www.forexlive.com.

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