EURUSD could retrace the majority of the 2021-2022 decline – BofA

. In their view, a dip towards parity followed by a bounce to 1.0350/75 would confirm a head and shoulders top.“A technical bottom pattern would go a long way in supporting the potential for further gains in thenext year. One pattern to be on watch for is a head-and-shoulders bottom. If we assume the neckline of the pattern is 1.0350, then the left shoulder and head of the pattern have already formed. While below this, the right shoulder may begin to form.

“A dip near parity and then a rally above the proposed neckline at 1.0350/1.0375 would confirm a head-and-shoulders bottom. The bullish pattern measurements would imply a majority of the 2021-22 decline could be retraced, such as 1.0750, 1.0935/1.10 and possibly the 1.12s. The new highs in Relative Strength Index are a favorable condition for a bottom pattern to form.”Information on these pages contains forward-looking statements that involve risks and uncertainties.

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